The Latin American travel market is experiencing strong growth, with Brazil leading the way. According to a new report from Phocuswright, the leading authority on travel industry research, the region’s travel market expanded for a third consecutive year in 2023, with gross bookings increasing 29% to $70.1 billion.
Brazil's travel sector saw a remarkable 37% increase to $21.8 billion, driven by increasing stability, declining poverty levels and improving economic conditions under President Luiz Inácio Lula da Silva. The country's airlines, the largest travel-providing segment, carried 21 million international passengers, up 38% from the previous year.
“Brazil is a dynamic travel market with a growing digital presence,” said Carolina Sass de Haro, Director for Latin America and the Caribbean at Phocuswright and co-author of the report. “Driven by an increase in both domestic and inbound travel, Brazil’s travel sector is poised for continued growth.”
Key findings of the report:
The Latin American travel market is on track for continued expansion, with gross bookings projected to reach $95.8 billion by 2027.
Online travel bookings are increasing rapidly, with online penetration expected to reach 54% by 2027.
The hotel sector is the largest travel supply market in the region, accounting for 47% of all gross travel bookings in 2023.
Mexico remains the largest travel market in Latin America, accounting for 45% of gross travel bookings in 2023.
The growth of the Latin American travel market and other key industry trends will be discussed in more detail at the Phocuswright Conference, taking place November 19-21 at the JW Marriott Phoenix Desert Ridge Resort & Spa in Arizona.
Event attendees will be able to learn more about Latin America’s burgeoning travel sector by watching “the Bridge Series: travel tech trends around the world” on November 21. Moderated by Pete Comeau, CEO of Phocuswright, and Siew Hoon Yeoh, Founder of Web in Travel and Editorial Director of Northstar Travel Group Asia, it will feature regional experts including Damian Scokin, CEO of Despegar.com Inc, Mike McGearty, Co-Founder and CEO of Meili Travel Technology, and Ross Veitch, Co-Founder and CEO of Wego Group, and will explore the latest developments and unique characteristics of various travel markets.
Fuente: Phocuswright.