Tourist destinations in developed regions constitute a complex production model of social vulnerability to natural hazards. On the one hand, the high geographical exposure of tourist areas, the volatility of demand or the tourists' lack of knowledge of the local culture of risk/disaster generate sensitivity. On the other hand, the socio-economic dynamism of the tourism industry, the quality of the urban infrastructure or the protection of the institutional framework generate adaptive capacity. The interaction of these two opposing forces gives rise to highly complex adaptive situations that require far-reaching conceptual frameworks. Several researchers have indicated that the mainstream approach to social vulnerability to natural hazards does not have this quality due to its descriptive, quantitative and synchronous nature. The objective of this study is to propose and apply a methodological approach directed at deciphering the complexity of the processes that generate social vulnerability of tourist destinations in developed regions. We select seismic risk of the coastal area of the province of Alicante (SE Spain) as case study. In order to construct and apply the methodological approach, we carried out desk research on the region of study and consulted local experts. This approach articulates a causal structure able to systematise the deep origin and driving forces of the sensitivity and adaptive capacity of the region. Key factors of sensitivity include: occupation of hazardous areas by tourists, low economic diversification, large residential area without earthquake-resistant regulations, lack of seismic culture or non-compliance of seismic risk management plans. Key factors of adaptive capacity include: cooperative relationships between long-stay tourists, multiplying effect of tourism activities, transport infrastructure, welfare state policies or rapid response mechanisms in emergencies. Findings offer an in-depth and holistic view of the generative process of social vulnerability, which is particularly useful for enhancing risk management tools.