Inbound tourism expenditure on accommodation services for visitors in Mexico has shown significant growth from 2013 to 2023, with the value standing at 214.76 Billion Mexican Pesos in 2023. The period from 2013 to 2019 witnessed continuous year-on-year increases, peaking at a 33.96% rise in 2016. However, the impact of the COVID-19 pandemic in 2020 resulted in a notable decline of 28.51%. A robust rebound occurred in 2021 with a 30.04% increase, followed by steady growth in 2022 and 2023. The average annual growth rate (CAGR) over the past five years was 6.48%.

Future trends to watch for:

Forecasted values from 2024 to 2028 suggest a continual increase, albeit at a more moderate pace with a forecasted 5-year CAGR of 4.37%.
Monitoring the evolving preferences of post-pandemic travelers and their spending patterns on accommodation services.
Impact of global economic conditions and their potential effect on international travel to Mexico.