The Latin American travel market is flying high, with Brazil leading the charge.
According to a new report from travel industry research firm Phocuswright, the region’s travel market expanded for the third consecutive year in 2023, with gross bookings value rising 29% to $70.1 billion.
Brazil’s travel industry saw a significant 37% jump to $21.8 billion, fueled by growing stability and improving economic conditions under President Lula da Silva.
The country’s airlines, the largest travel supplier segment, carried 21 million international passengers, a 38% increase from a year earlier.
“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 inbound and domestic travel, Brazil’s travel industry is poised for continued growth.”
The report says 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 accounted for 47% of all travel gross bookings in 2023.
Mexico remains the largest travel market in the region, representing 45% of travel gross bookings in 2023.
The growth of the Latin American travel market as well as other industry trends will be further explored at The Phocuswright Conference this week from November 19-21 at the JW Marriott Phoenix Desert Ridge Resort & Spa in Arizona.
