Forecast: Travel Services Employment in Mexico

The employment in the travel services sector in Mexico has experienced significant fluctuations over the past decade. From 2013 to 2023, the number of employees saw an overall decline from 19.37k to 13.5k, reflecting a compounded annual growth rate (CAGR) of -2.06% over the last five years. Pre-2020, fluctuations were mainly modest, with notable drops in 2016 (-18.64%) and a steady decline through 2018 to 2020. The COVID-19 pandemic exacerbated the downturn, plummeting to 12.32k in 2020.

Post-2020 saw some recovery with slight increases in 2021 and 2022, yet this momentum slowed in 2023 with only a 0.51% year-on-year increase. Going forward, projections indicate a continued decrease, with employment expected to decline to 11.76k by 2028, reflecting a forecasted five-year CAGR of -2.2% and a total growth rate decrease of -10.51%.

Future trends to watch for include:

• Impact of technological advancements on employment needs within the travel sector.
• Potential for policy changes or economic developments that could stimulate job growth.
• Consumer behavioral shifts post-pandemic and their influence on travel services demand.