New Market Research Report: Travel and Tourism in Mexico to 2017
New Consumer Goods market report from Timetric: "Travel and Tourism in Mexico to 2017"
Boston, MA -- (SBWire) -- 10/30/2013 --Despite a decline in 2009 due to the financial crisis, the Mexican travel and tourism sector performed well during the review period (2008-2012). Inbound trips to Mexico recovered to register a CAGR of 0.52%, and outbound tourist volumes posted a CAGR of 1.09% during the same period. Promotional activities by the tourism authority, coupled with relatively stable economic conditions, were the key growth drivers. According to the World Travel and Tourism Council (WTTC), tourism accounted for 12.5% of the nation's GDP and 13.9% of its total employment in 2012.
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- Mexico's unemployment rate eased from 5.5% in 2009 to 5% in 2012, suggesting a gradual improvement in the labor market. Declining labor costs brought about an increase in the total number of employed persons from 46.6 million in 2011 to 48.1 million in 2012, showing a growth of 3.3%. The unemployment rate is expected to average about 4.4% to 4.8% in the next five years.
- Mexico's North American neighbors play a major role in tourism activity within the country. Realizing their importance, the Mexican government is taking steps to increase the volume of tourists arriving from the US and Canada. In 2012, Mexico welcomed a total of 18.4 million inbound tourists from the US and 1.3 million from Canada. The Mexican tourism agency launched a 'Mexico Taxi Project' campaign in an attempt to change the perception of North Americans towards Mexico and to attract more tourists.
- Capital investment in tourism increased from MXN209.3 billion (US$16.6 billion) in 2010 to MXN228.2 billion (US$17.3 billion) in 2012, due to government measures to promote tourism. These measures included campaigns sponsored by the Mexico Tourism Board to simultaneously attract international arrivals and promote domestic tourism.
- Domestic tourism plays a vital role in Mexico's economy. In 2012, Mexico registered 200.4 million domestic trips, while the volume of outbound trips measured 194.4 million. Domestic trip flows are high compared to inbound trip volumes. Key festivals include Easter, Christmas and New Year periods when many Mexican citizens visit family and friends.
- The Ministry of Tourism designated 2011 as the Year of Tourism in Mexico. With the Pan-American Games held in October 2011 in Guadalajara and Puerto Vallarta, the government promoted Mexico as a safe destination for international visitors. Recognizing the importance of tourism to the country's economy in 2011, the Mexican government initiated a US$30 million campaign to attract international visitors to tourist locations.
- The US and Spain, which are the most visited countries by Mexicans, have stringent visa requirements for Mexican tourists. Visa rules and processing remain a cumbersome activity for the Mexican middle-class population entering the US and Canada, as Mexico is currently not included in the US Visa Waiver Program.
Companies Mentioned in this Report: Grupo Aeromexico SAB de CV, Concesionaria Vuela Compania de Aviacion, SA de CV, ABC Aerolineas, SA de CV, Aeroenlaces Nacionales SA de CV, Grupo Aereo Monterrey SA de CV, Grupo Posadas, SAB de CV, Accor Mexico, Grupo Empresarial Angeles, SA de CV, InterContinental Hotels (Mexico), Wyndham Mexico, Alquiladora de Vehiculos Automotores SA de CV, Thrifty Car Rental Mexico, Alamo Rent a Car Mexico, Casanova Rent Volks, SA de CV, Royal Rent a Car SA de CV, American Express Company, La Casa del Viaje, SA de CV, Anfitriones Nacionales, Viajes Excelsior, Andalemundo Tours SA de CV
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