Mexican tourists' spending rises to new record

The record is attributed to domestic demand dynamism and the confidence in the future financial situation
The record is attributed to the dynamism of domestic demand and the confidence in Mexico's future financial situation
12/01/2018
18:57
Tláloc Puga
Mexico City
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In November, Mexicans traveling abroad set a new spending record outlaying USD$ 741 million representing the largest figure since January 1980, according to Mexico's Central Bank (Banxico).

64% of dollar expenditures for tourism abroad corresponded to Mexicans who entered the country by plane, with an outlay of USD$ 472 million in November while Mexicans who arrived by bus or car spent USD$ 209 million.

Alejandro Cervantes, Senior Economist for Banorte-Ixe, attributes the greater expense of Mexicans abroad to domestic demand dynamism and confidence in the future financial situation.

Historically, the United States has been the main destination for Mexicans going abroad for tourism, however, airlines and travel agencies acknowledge a decrease in traveling from Mexico to the U.S. and an increasing traveling to Canada and Europe, according to the recent report of the Tourism Activity in Mexico Outlook by the Anáhuac University entrusted by Mexico's National Tourism Business Council (CNET).

Last year, the number of Mexicans who traveled to Canada increased 50% after Canada eliminated the visa requirement for Mexicans in December 2016, according to the Ministry of Foreign Affairs (SRE).

It should be noted that the United States dropped to the third position among the main tourist destinations in the world while Spain reached second place, exceeding for the first time 80 million international tourists in 2017.

Currently, Mexico ranks eighth in the world, yet the Ministry for Tourism anticipates that it will reach the seventh place.

sg

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