Forecast: Internal Tourism Expenditure on Accommodation Services for Visitors in Mexico

The internal tourism expenditure on accommodation services for visitors in Mexico has shown a generally upward trend from 2013 to 2023, with a significant dip in 2020 due to the impact of the COVID-19 pandemic. In 2023, this expenditure stood at 870.44 billion Mexican Pesos, noting an 8.90% year-on-year increase compared to 2022. Over the last five years leading up to 2023, the CAGR stood at 4.62%, indicating stable growth despite the pandemic disruption.

Looking ahead, the forecast for 2024 to 2028 suggests a continued increase in expenditure, with the 2028 figure projected to reach 1077.3 billion Mexican Pesos, reflecting a forecasted 5-year CAGR of 3.37%. Though this indicates a slightly slower growth rate compared to pre-2020 levels, it still signifies a healthy recovery and expansion trajectory.

Future trends to watch for include:

• The impact of evolving travel preferences and increased demand for sustainable and eco-friendly accommodation options.

• The potential influence of economic fluctuations on disposable income and travel budgets.

• Technological advancements in booking platforms and accommodation services driving competitive pricing and innovative offerings.