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Summary
Mexico's tourism sector depicted growth during 2010-2015, driven by the government's investment towards the promotion and development of the tourism sector. Following the depreciation of Mexican currency against the US dollar, inbound trips from the US to Mexico increased by 23.8% in 2014 and 9.4% in 2015. Due to the appreciation of the dollar, many Mexicans preferred domestic tourism spots over outbound destinations.
Key Findings
- Mexico's travel and tourism sector recorded growth during 2010-2015, supported by an increase in international arrivals, mainly from the US. The currency depreciation was one of the major factors that led to the growth of inbound tourism, reaching 31.8 million in 2015. The increase in the number of domestic and outbound trips can be attributed to moderate economic growth and declining unemployment rates, due to which the number of domestic trips reached 232.3 million and outbound trips totaled 20.4 million in 2015, with almost 90.3% of outbound tourists traveling to the US. With the help of the tourism board's promotion, Canadean expects inbound tourist volume to grow at an average annual rate of 7.54% over 2016-2020. The volume of outbound tourists from Mexico is expected to rise at a forecast period CAGR of 8.3%, to reach 24.6 million by 2020
- An Air Transport Agreement was signed between Mexico and the US in December 2015, which will help airlines increase passenger traffic while keeping the fares affordable. Previously, there were restrictions as only a limited number of airlines were allowed to fly on this route. However, after this treaty, the airlines will be free to fly on any of the routes between Mexico and the US
- Apart from the record visitors to Mexico in 2015, Mexico City has topped in the New York Times' list of 52 places to visit in 2016. Moreover, for 2016, Guadalajara has also been designated the second best place to travel by Travel + Leisure magazine. With its continuous strong performance, Mexico improved its UNWTO ranking, from number 15 in 2013 to number 10 in 2014. Considering its recent accomplishments, it is thought to be fighting for ninth position in 2015
Synopsis
Canadean's report - Travel and Tourism in Mexico to 2020 - provides detailed information on the country's tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, expenditure, and the airline, hotel, car rental, and travel intermediaries industries.
What else does this report offer?
- Historic and forecast tourist volumes covering the entire Mexican Travel and Tourism sector
- Detailed analysis of tourist spending patterns for various categories, such as accommodation, sightseeing entertainment, foodservice, transportation, retail, travel intermediaries, and others
- Analysis of trips by purpose and mode of transport, and expenditure across various categories including domestic, inbound, and outbound tourism, with analysis using similar metrics
- Analysis of the airline, hotel, car rental, and travel intermediaries industries by customer type - leisure and business travelers
Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to Mexico's Travel and Tourism sector
- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities
- Direct promotional efforts on the most promising markets by identifying the key source and destination countries
Mexico's tourism sector depicted growth during 2010-2015, driven by the government's investment towards the promotion and development of the tourism sector. Following the depreciation of Mexican currency against the US dollar, inbound trips from the US to Mexico increased by 23.8% in 2014 and 9.4% in 2015. Due to the appreciation of the dollar, many Mexicans preferred domestic tourism spots over outbound destinations.
Key Findings
- Mexico's travel and tourism sector recorded growth during 2010-2015, supported by an increase in international arrivals, mainly from the US. The currency depreciation was one of the major factors that led to the growth of inbound tourism, reaching 31.8 million in 2015. The increase in the number of domestic and outbound trips can be attributed to moderate economic growth and declining unemployment rates, due to which the number of domestic trips reached 232.3 million and outbound trips totaled 20.4 million in 2015, with almost 90.3% of outbound tourists traveling to the US. With the help of the tourism board's promotion, Canadean expects inbound tourist volume to grow at an average annual rate of 7.54% over 2016-2020. The volume of outbound tourists from Mexico is expected to rise at a forecast period CAGR of 8.3%, to reach 24.6 million by 2020
- An Air Transport Agreement was signed between Mexico and the US in December 2015, which will help airlines increase passenger traffic while keeping the fares affordable. Previously, there were restrictions as only a limited number of airlines were allowed to fly on this route. However, after this treaty, the airlines will be free to fly on any of the routes between Mexico and the US
- Apart from the record visitors to Mexico in 2015, Mexico City has topped in the New York Times' list of 52 places to visit in 2016. Moreover, for 2016, Guadalajara has also been designated the second best place to travel by Travel + Leisure magazine. With its continuous strong performance, Mexico improved its UNWTO ranking, from number 15 in 2013 to number 10 in 2014. Considering its recent accomplishments, it is thought to be fighting for ninth position in 2015
Synopsis
Canadean's report - Travel and Tourism in Mexico to 2020 - provides detailed information on the country's tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, expenditure, and the airline, hotel, car rental, and travel intermediaries industries.
What else does this report offer?
- Historic and forecast tourist volumes covering the entire Mexican Travel and Tourism sector
- Detailed analysis of tourist spending patterns for various categories, such as accommodation, sightseeing entertainment, foodservice, transportation, retail, travel intermediaries, and others
- Analysis of trips by purpose and mode of transport, and expenditure across various categories including domestic, inbound, and outbound tourism, with analysis using similar metrics
- Analysis of the airline, hotel, car rental, and travel intermediaries industries by customer type - leisure and business travelers
Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to Mexico's Travel and Tourism sector
- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities
- Direct promotional efforts on the most promising markets by identifying the key source and destination countries
Frequently Asked Questions
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