Brazil drives tourism growth in Latin America
21-11-24
The travel market in Latin America has experienced remarkable growth, with Brazil at the forefront of this expansion. According to a recent report by Phocuswright, the region's travel sector expanded for the third consecutive year in 2023, posting a 29% increase in gross bookings.
Brazil stood out with a 37% increase in its travel sector, reaching $21.8 billion. This growth is attributed to growing economic stability, reduced poverty levels and improved economic conditions under the presidency of Luiz Inácio Lula da Silva. Brazilian airlines, the largest segment of travel providers, carried 21 million international passengers, up 38% from the previous year.
Carolina Sass de Haro, director for Latin America and the Caribbean at Phocuswright and co-author of the report, said, “Brazil is a dynamic travel market with a growing digital presence. Driven by an increase in both domestic and international travel, Brazil's travel sector is poised for continued growth.”
Regionally, the Latin American travel market is projected to continue its expansion, with gross bookings potentially reaching $95.8 billion by 2027. Online travel bookings are increasing rapidly, with online penetration expected to reach 54% by that year. Mexico remains the largest travel market in Latin America, accounting for 45% of gross travel bookings in 2023.
This growth in Brazil's tourism sector reflects a positive trend in the region, highlighting the importance of economic stability and improvements in social conditions for tourism development. With a growing digital presence and an increase in both domestic and international travel, Brazil is well positioned to lead tourism growth in Latin America in the coming years.
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