Between 2013 and 2023, inbound tourism expenditure on cultural services in Mexico exhibited a significant overall upward trend. The values increased from 8.12 billion MXN in 2013 to 24.64 billion MXN in 2023. Year-on-year variation showed substantial spikes, particularly in 2015 and 2016 with increases of 28.14% and 28.02% respectively. The 2020 pandemic caused a dramatic dip by 58.56% to 8.62 billion MXN, followed by robust recovery with an 82.51% increase to 15.74 billion MXN in 2021.
In the last two years, the annual variations were 31.97% in 2022 and 18.64% in 2023. Over the last five years, the Compound Annual Growth Rate (CAGR) was 5.27%. For the forecasted period from 2024 to 2028, the expected average annual CAGR is 2.14%, translating to an overall growth rate of 11.17%, reaching 28.48 billion MXN by 2028.
Future trends to watch for include the potential impact of global travel restrictions changes, shifts in cultural tourism preferences, and investments in cultural infrastructure. These factors could drive further growth or introduce new volatility in the sector.
