Latin America travel market poised to hit $62.1B revenue by 2024

Political turmoil, social inequality and poor public health infrastructure created a ripe environment for COVID-19 to proliferate, as the pandemic magnified Latin America's underlying problems according to Phocuswright’s research report Latin America Travel Market Report 2020-2024. Uncertainty is still present and travel companies must keep an observant position to see what happens in the coming months. However, with the new year upon us, the worst is behind the Latin America travel market.

Most countries in the region have vaccinated most of their populations and once borders reopen fully with restrictions lifted, strong demand will continue. People are eager to travel and strong numbers from the last quarter will continue into the future.

In an effort to stabilize the region, the international community and national governments in each Latin American country announced a broad range of social and economic support measures, including easing bureaucratic labor laws, providing emergency stimulus checks to the unemployed, and shoring up local governments and businesses with credit lines and emergency aid. As a result, travel revenue was expected to improve to $40.8 billion in 2021, although a full recovery to pre-pandemic levels won't be achieved until 2024, when gross bookings are forecast to reach $62.1 billion.

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In a presentation given during Phocuswright’s online event LatAm/Talk, Carolina Sass de Haro gave a complete overview of the Latin Travel market, with projections for 2022 in gross bookings, booking channel data, a breakdown of country-specific data, mega trends defining the future of travel around consumer sentiment and behavior and more.

For full insights into the region and its major country markets, download the full report here. This report provides updated market sizing and analysis on the Latin American travel market. Specific coverage includes key player and segment analysis, sizing and projections through 2024, along with an overview of the travel markets in Mexico, Brazil, Argentina, Colombia and Peru.

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