Tourism Revenue Hits Record High in October

Mexico recorded 3,724,242 international tourists in October, reflecting a 15.9% increase compared to the same month last year. INEGI reported that international visitors generated a record US$2.232 billion in revenue during the month, marking a 10.4% year-over-year growth.

The International Travelers Survey (EVI) showed that while the average expenditure per visitor declined by 12.8% to US$298.60, spending by air travelers increased by 4%, averaging US$1,055.95. Revenue from air arrivals, which accounts for 77% of total tourism income, rebounded after three consecutive months of decline, reaching US$1.712 billion, an annual increase of 3.8%.

Cumulatively, between January and October, tourism revenue totaled US$26.499 billion, a 6.8% rise compared to the same period in 2023. Enrique Calderón, Vice President of Hotel Operations, Posadas, showed optimism about year-end prospects, citing increased bookings and renewed interest from US tourists.

INEGI forecasts that in 2024, foreign exchange revenue from international visitors will reach US$31.14 billion, with an anticipated arrival of 42.47 million tourists and an average spending of US$1,155.1 per air arrival tourist. Additionally, 9.33 million cruise tourists are expected, spilling US$711.9 million with an average spending of US$80.9.

According to the Migration Policy Unit, US citizens continue to be the predominant tourists vacationing in Mexico. In 2023, the number of tourists from the United States reached 13.5 million, accounting for 60% of all international travelers. Canada’s citizens were in second place, with 2.4 million tourists. Meanwhile, Colombia secured third place with 735,000 tourists. On the other hand, Brazilian tourism experienced a 25% drop attributed to the introduction of visas for travelers from Rio de Janeiro. British tourists also experienced a 12% decline in their visits to Mexico, reported El Financiero.