The data on nights spent in hotels and similar establishments in Mexico reveals significant trends over the past decade. From 2013 to 2019, the industry experienced consistent growth, with nights increasing steadily from 129.35 million in 2013 to 174.61 million in 2019. However, the COVID-19 pandemic drastically impacted the industry in 2020, leading to a sharp decline of 52.4% to just 83.122 million nights. The subsequent recovery has been robust, with significant year-on-year growth, achieving 192.18 million nights in 2023. This represents a 15.8% increase compared to 2022.
Key Trends:
- Consistent growth from 2013-2019, with a few slight slowdowns.
- Dramatic impact of the COVID-19 pandemic in 2020, with a notable recovery starting in 2021.
- Projected steady growth from 2024 to 2028, with a forecasted 13.19% growth rate over the next five years.
The average annual growth rate (CAGR) over the past five years stands at 2.88%. Looking forward, the industry is expected to maintain a positive trajectory, with a forecasted five-year CAGR of 2.51%. Future trends to watch for include the influence of global economic conditions, shifts in travel behavior due to ongoing health concerns, and advancements in sustainable tourism which could further drive or hinder growth in the hospitality sector in Mexico.