Euromonitor has presented report of the travel industry in Latin America

Euromonitor International presented an exclusive report in the World Travel Market (WTM) Latin America, "Experience more: consumer search for travel experiences" that deals with the development of the Latin American travel industry amid the current socio-economic changes and technological

Here are some highlights of the report:

-The United States continues to be the main source of foreign arrivals to Latin America, but the Chinese are becoming more frequent visitors to the Latin region.

-Mexico continues to be the largest recipient of visitors, however, Chile was the country that showed the highest growth in arrivals between 2012-2017.

-Of the 20 most visited cities in Latin America, 4 are in Mexico, 4 in Peru, 3 in Chile, 2 in Brazil and the Dominican Republic, and 1 in Argentina, Colombia, Costa Rica and Uruguay.

-Chile hosts 6 of the 10 cities with the best performance in terms of increased arrivals

-Although Rio de Janeiro hosted the Olympic Games in 2016, it ranked 34th among the cities with the best performance.

- Four of the cities with the worst results in terms of increased arrivals were in Venezuela.

-Foz de Iguazú was the city with the worst performance in Brazil in terms of increased arrivals

Latin Americans are more likely to increase spending on travel experiences
With increasing frequency, consumers prefer to spend on experiences about things, which represents a great potential for brands that offer value-added experiences. According to Euromonitor International, consumer spending on experiences will increase from US $ 5.8 billion in 2016 to US $ 8.0 billion in 2030, where leisure, recreation, travel and food services will prevail.
According to the Global Consumer Survey of Euromonitor International 2017, 37% of the Latin Americans who answered the survey indicated their intention to increase spending on leisure travel and holidays in 2018. This is the highest response rate among all the surveyed regions and also higher than the overall response rate of 29%. Travel and vacations are the activity in which consumers in Latin America are more likely to increase spending.

Marília Borges, research analyst at Euromonitor International, comments, "The mega tendency to" experiment more "is driven by fundamental changes in consumer attitudes, which have developed since the Great Recession of 2008/2009, opting for products from added value and experiences. In 2016, 36% of consumers agreed or strongly agreed with the preference to spend their money on experiences instead of things. The tendency to "experiment more" is a true global phenomenon, which occurs through all industries, products and services, offering opportunities for creativity for brands ".

You can download the full report here