Surge in Mexican Tourism Spending Boosts Global Economies, New Report Shows
Understanding the economic impact of Spanish-speaking visitors, especially those from Mexico, is crucial for increasing revenue from tourism. According to recent research, Mexican travelers play a crucial role in the global tourism industry. In addition, it appears that the economy will expand rapidly as more individuals opt to pay for items online.
More than 750 million people speak Spanish as their first language. It is the second most common first language after Mandarin. Mexico has 126 million people who know Spanish as their first language, more than any other country. There was a huge number of Mexican travelers in 2023—46 million exits showed how important this group of people was.
New information from the National Institute of Statistics and Geography (INEGI) shows that a huge number of Mexicans are traveling abroad. Five hundred and sixty-five thousand Mexicans went abroad in May 2024, thirty percent more than in May 2023. This upward trend shows how important Mexican tourists are becoming to travel around the world.
Civitatis, a leading website for online activities and trips with Spanish-speaking operators, has witnessed a significant increase in Mexican visitors. On the platform, the number of Mexicans traveling overseas increased by 85% between January and May 2024 compared to the same period in 2023. Over and above the national average, this increase is occurring in European countries such as Italy, Spain, France, and the United Kingdom, rather than in the United States and Colombia.
Financial data reveal that Mexican tourists have a significant impact on the economy. According to INEGI, Mexicans who traveled abroad spent a total of $895.6 million, a 21.5% increase from the previous year. The average cost of each journey also increased to $167.08. Civitatis also forecasts a more than 10% rise in the average amount spent on each task and person by 2024. This trend shows how Mexican tourists are becoming more important to the economies of the places they visit.
Juan Rossello, Country Manager of Civitatis Mexico and Business Development USA and Central America, talked about the big possibilities that come with more Mexicans traveling and spending money. “Understanding their payment preferences and travel behaviors is essential for businesses looking to tap into this valuable market segment,” he said. Specifically, he said that pushing people to use digital payments could make traveling a lot better for Mexicans and help local economies grow.
Fiserv, a global fintech and payments business, did an analysis that shows how important it is to accommodate the different ways that Mexican tourists like to pay. Mexicans prefer cash (47% use it for everyday purchases), but a lot of them also use debit and credit cards (85% and 66%, respectively). However, digital payment methods have a big chance to grow because they are safe and easy to use, even though they aren’t as popular right now (34% adoption rate)
Rossello talked about how digital payments could change the tourist industry. “Every year, the field of digital payments grows in Mexico.” Adding specialized, safe technology to this will make transactions safer and faster, giving tourists more ways to pay. It’s becoming clearer that Mexico could make a lot more money from tourists as more Mexicans use digital payments.
For businesses and banks to keep working together in the long run, payments must be processed safely and on time. An omnichannel acceptance approach for payment options lets businesses change and adapt to meet the needs of travelers. As more people use digital payments, the money made from tourism is expected to grow a lot.
Mexico’s tourists have a clear and growing effect on countries around the world. There is a huge effect on the economy from this group of people because more and more of them are traveling to international destinations and are ready to spend money. Businesses and markets that change with the times to meet the needs of Mexican tourists, especially those that accept digital payments, will do very well.
The fact that Mexicans are traveling and spending more shows how important this market group is to the economy. There is a lot of room for tourism income to grow, especially if more people start using digital payment methods. Businesses and tourist spots that adapt to these changing trends can open up new ways for the economy to grow and make trips more enjoyable for Mexican tourists.
Discover more insights in the original article on Breaking Travel News
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