Phocuswright report reveals surging growth in Latin American travel market, with Brazil leading.
PHOENIX, AZ – The Latin American travel market is experiencing robust growth, with Brazil leading the charge. According to a new report from Phocuswright, leading travel industry research authority, the region’s travel market expanded for the third consecutive year in 2023, with gross bookings rising 29% to $70.1 billion.
Brazil’s travel industry saw a remarkable 37% jump to $21.8 billion, fueled by growing stability, declining poverty levels, and improving economic conditions under President Luiz Inácio Lula da Silva. The country’s airlines, the largest travel supplier segment, carried 21 million international passengers, a 38% increase from the previous year.
“Brazil is a dynamic travel market with a growing digital presence,” said Carolina Sass de Haro, Director, Latin America & the Caribbean, Phocuswright, and co-author of the report. “Fueled by a surge in both in-bound and domestic travel, Brazil’s travel industry is poised for continued growth.”
Key takeaways from the report:
- Latin America’s 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 region’s largest travel supplier market, accounting for 47% of all travel gross bookings in 2023.
- Mexico remains the largest travel market in Latin America, representing 45% of travel gross bookings in 2023.
The growth of the Latin American travel market and other key industry trends will be further explored at The Phocuswright Conference, taking place from November 19-21 at the JW Marriott Phoenix Desert Ridge Resort & Spa in Arizona.
Delegates at the event can find out more about Latin America’s burgeoning travel industry by watching “The Bridge Series: travel tech trends around the world” on November 21. Moderated by Pete Comeau, Managing Director at Phocuswright and Siew Hoon Yeoh, Founder of Web in Travel and Editorial Director at Northstar Travel Group Asia, it will feature regional experts Damian Scokin, CEO of Despegar.com Inc., Mike McGearty, Co-founder and CEO, Meili Travel Technology, and Ross Veitch, Co-founder and CEO at Wego Group, and will explore the latest developments and unique characteristics of various travel markets.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor’s degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
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