English

Mexico’s Tourism Industry: Driving the Economy

Mexico‘s tourism industry is consolidating as one of its key economic drivers, attracting visitors from all over the world to its resorts and colonial cities. In 2023, the country received close to 42.15 million international tourists, marking a 10% increase over the previous year. 

Mexico’s Tourism Industry

According to Murano Global Investments, Mexico’s tourism industry has demonstrated solid and consistent fundamentals over the years. Its rich cultural and natural offerings are complemented by superior tourism infrastructure and excellent connectivity to key markets such as the United States and Canada, facilitated by well-connected airports.Despite challenges, including the Covid-19 pandemic that adversely impacted the tourism industry globally, Mexico has shown remarkable resilience. In fact, the country experienced one of the most moderate declines among the world’s top ten tourism destinations.This resilience underscores the strength of the Mexican tourism sector and its ability to adapt to changing conditions, maintaining its attractiveness as a preferred destination for both international and domestic travelers.

Restaurants

The National Institute of Statistics and Geography (INEGI) reported that approximately 675,000 Mexican establishments were registered under the food and beverage preparation category in 2022, underscoring the importance of the service sector within the tourism economy.Key players in this vibrant industry include companies such as Alsea (owner of brands such as VIPS, Domino’s Pizza and Starbucks), Gigante (which includes brands such as Shake Shack, Toks and Panda Express), Brinker (with Chili’s), Carso (owner of Sanborn’s) and DineBrands (responsible for Applebee’s and IHOP).This dynamic landscape not only strengthens Mexico’s position as a world-renowned tourist destination, but also drives economic development through various initiatives and businesses in the hospitality and services sector.

Opportunities

Cancun has consistently ranked as the most popular tourist destination in the Caribbean, according to World Bank data, and one of the most visited cities in the world.The Department of Commerce believes that U.S. suppliers play a significant role, as U.S. hotel chains and restaurants in Mexico enjoy a reputation among local consumers.