Forecast: Household Expenditure on Restaurants and Hotels in Mexico

Household expenditure on restaurants and hotels in Mexico has shown an upward trend from 2013 to 2022, peaking in 2022 at 1128.1 billion Mexican Pesos. In the wake of the COVID-19 pandemic, there was a significant dip in 2020 with a -36.35% year-on-year decrease. However, this was followed by strong recovery years in 2021 and 2022 with 31.4% and 30.87% growth, respectively. In 2023, this expenditure stood at 1021.1 billion Mexican Pesos, showing a -9.49% year-on-year decrease. The CAGR for the last five years was 1.04%, reflective of both the pandemic impact and subsequent recovery.

Future trends to watch for include:

• The post-pandemic recovery stabilization reflected in the forecast with a CAGR of 2.06% from 2024 to 2028.
• Continual growth driven by increasing household incomes and tourism recovery.
• Potential impacts of inflation and economic shifts on household discretionary spending.