The production volume of travel services in Mexico showed steady growth from 2013 to 2019, reaching 24.72 billion pesos from 21.05 billion pesos. However, 2020 marked a significant decline of 15.48% due to the COVID-19 pandemic, dropping to 20.9 billion pesos. Recovery began swiftly, with a 10.35% increase in 2021 and a further 13% rise in 2022. By 2023, the volume stood at 26.48 billion pesos, although the growth rate had slightly slowed to 1.64% year-on-year.
Up to 2028, forecasts suggest a gradual increase, with a compound annual growth rate (CAGR) of 1.3% across the next five years, reaching 28.56 billion pesos by 2028.
Trends to watch for:
- Post-pandemic recovery continuing to influence growth.
- Potential economic policies affecting tourism and travel services.
- Technological advancements shaping travel services demand.
- Global economic conditions and their impact on travel behavior.
