Forecast: Household Expenditure on Accommodation Services in Mexico

Household expenditure on accommodation services in Mexico has displayed significant fluctuations over the past decade. The series started with a steady growth from 2013 to 2019, showcasing a compound annual growth rate (CAGR) ranging between 6.14% and 11.13%. However, the expenditure fell sharply by 52.22% in 2020 due to the impact of the COVID-19 pandemic. Following this, there was a robust recovery with increases of 58.58% in 2021 and 52.4% in 2022.

In 2023, household expenditure stood at 433.89 billion Mexican Pesos, experiencing a decline of 16.95% from the previous year. The forecast for the following years indicates a moderate growth, with a forecasted CAGR of 2.62% over the next five years, culminating in 2028 with an expenditure of 511.84 billion Mexican Pesos.

• Year on Year Variation in 2022: 52.4%
• Year on Year Variation in 2023: -16.95%
• CAGR over the last 5 years: 0.27%
• Forecasted 5-Year CAGR: 2.62%

Future trends to watch for include the potential impact of economic stabilization post-pandemic, the development of tourism infrastructure, and increased domestic travel, which may drive further growth in household expenditure on accommodation services.