The number of inbound tourist arrivals to Mexico is expected to reach 28.8 million by 2019, representative of a CAGR (Compound Annual Growth Rate) of 2.96% during the forecast period.
The growth is driven by the influx of tourists from the country’s North American neighbors. A large Mexican population resides in the US; according to the US 2010 Census, 33.7 million people of Mexican origin resided in the US. Mexico stands to gain from the US-based diaspora, as it will develop tourism packages targeted at the migrant population. Growth will also be driven by the tourism promotion efforts of the MTB in the US, and improvements in relations with Cuba following the Mexican president’s visit to Havana in 2012. Total inbound tourist expenditure will record a CAGR of 7.33% during the forecast period
Aviation capacity has been increasing. In 2011-2012, LCCs Interjet and Volaris ordered 40 Airbus jets each, and in August 2013, AeroMexico Airlines added one Boeing 787-8 jet to its fleet. Further growth in capacity is expected over the forecast period as AeroMexico plans to add another 19 Boeing 787-8 jets by the end of 2019
Mexico’s hotel market profited from the increased number of domestic and international visitors during the historic period. Total hotel revenue increased at a CAGR of 12.51% from MXN166.5 billion (US$13.2 billion) in 2010 to MXN266.9 billion (US$20.8 billion) in 2014, with upscale hotels recording the highest revenue growth at a robust CAGR of 12.83%. Luxury hotels registered the highest guest growth with a CAGR of 6.48%. The number of hotels in the country increased from 9,925 in 2010 to 10,596 in 2014, with luxury hotels recording a CAGR of 2.96%
The concept of car sharing is at an early stage of growth in Mexico, as reflected in the number of memberships and the fleet sizes of car-sharing operators. As of January 2013, the car-sharing fleet size in Mexico was 40, significantly lower than the 3,432 in Canada and 12,131 in the US. Similarly, the total number of members enrolled in car-sharing programs in Mexico was 620 in January 2013, which is only a fraction of the total membership in North America, with a total of 1,033,564 members including 891,593 in the US, 141,351 in Canada and 620 in Mexico
Adventure travel’s popularity, and government efforts to develop it as a niche tourism area, has made it important for travel agents and tour operators to be aware of the country’s adventure tourism offerings. The Mexican government, in association with the ATTA and as a part of the ATMEX event in 2014, will conduct education programs, such as AdventureEDU, for adventure travel tour operators. The ATMEX event, hosted in August 2014, attracted 400 tour operators (inbound and outbound) and media persons from around the world.
Source: Research and Markets (http://www.researchandmarkets.com/research/v5dlns/travel_and)
Receive the PVDN morning newsletter and exclusive content by becoming a PVDN Supporter, learn more here