Research Insights Looking ahead in the Latin America travel market

Looking ahead in the Latin America travel market

October 2023
Phocuswright Research

Latin America's travel market experienced a second year of strong double-digit growth, as gross bookings climbed to $48.2 billion. According to Phocuswright’s latest research report on the region Latin America Travel Market Report 2022-2026, domestic tourism drove the surge, although several countries are seeing robust gains in foreign visitors, as well. Brazil, for example, attracted 2.7 million international tourists in the first four months of 2023, putting it on a record-setting pace for the year.

Phocuswright Chart: LATAM Total Gross Bookings
(Click image to view a larger version.)


Looking ahead, here’s what analysts expect about the Latin America market:

Hotel Chains Expand Influence

The hotel sector, Latin America's largest travel market, has long been characterized by independent, family-owned properties. In Brazil, for example, such accommodations account for 86% of all hotels. But as travelers again head to Latin American destinations in droves, global hotel chains are seizing the opportunity to increase market share by developing new properties, particularly in Mexico, Brazil and Colombia.

New Leaders Face Old Problems

Despite new political leadership in several Latin American countries, the region faces ongoing socioeconomic problems and corruption concerns.

Airlines on the Road to Recovery

Latin America's airlines are emerging from the dark days of the COVID pandemic in a strong financial position. Three of the region's leading carriers - Avianca, LATAM and Aeromexico - filed for Chapter 11 in U.S. bankruptcy courts in 2020. Since then, all three have completed their restructurings and are experiencing substantial growth. LATAM is Latin America's largest airline, with operations in Brazil, Chile, Colombia, Ecuador and Peru, as well as significant international business in Europe, the U.S. and the Caribbean.

This report provides an overview of the Latin America travel market, including key developments, market characteristics, distribution trends and major players in each segment. It also focuses on five key country markets in the region - Mexico, Brazil, Colombia, Chile and Argentina - and includes market sizing and projections through 2026.

Research is our priority. Our Open Access research subscription puts the world’s most comprehensive library of travel research and data visualization at your fingertips.

Clients have relied on Phocuswright's deep industry knowledge for over 25 years to power great decisions, help justify a pitch, build a strategic plan and elevate any presentation through trusted research and data. When companies and executives reference Phocuswright, they gain the trust of an industry keen on data, trends and analytics.

For further intelligence for you and your entire company, subscribe to Phocuswright Open Access.