Between 2013 and 2023, domestic tourism expenditure on food and beverage serving services in Mexico showed a general upward trend with occasional fluctuations. Starting at 355.21 billion pesos in 2013, expenditures grew to 504.36 billion pesos by 2023, marking consistent growth apart from a sharp dip in 2020 due to the COVID-19 pandemic. Post-2020 recovery was robust, with 2023 recording a year-on-year increase of 5.98%. Over the last two years, the CAGR remained around 2.7%. Looking forward, the forecasted 5-year CAGR is 1.85%, predicting a steady growth rate of 9.6% by 2028.
Future trends to watch for:
- Potential impacts of global economic conditions on domestic tourism expenditure.
- The influence of technological innovations in the food and beverage industry on consumer spending.
- Government policies and infrastructure development aimed at boosting domestic tourism.
- Changes in consumer preferences and their inclination towards sustainable and local food options.
- Adaptation to any lingering effects of the COVID-19 pandemic on travel and dining behaviors.