Mexico predicted to be major player in world tourism
By 2013, it is estimated that Mexico will be the world’s 2nd fastest-growing destination. As of 2005, Mexico claimed 15% of the world tourism market (808 million). Domestically, Mexican tourism grew faster than the world tourism market in 2005, experiencing a 9.1% change or 1.4% over world market tourism growth. (1/10/2008)
The third largest source of foreign exchange earnings, Mexican tourism has been a major source of compensation for Mexico’s trade deficit for the past decade in allotment of its surpluses toward the balance of payments. More than $11.8 million USD in foreign exchange earnings provided $4.2 billion for the tourism account in the balance of payments Tourism earnings have doubled from 1990 to the present. Highly-competitive hospitality companies such as Wyndham, InterContinental Hotels Group, Choice Hotels, Marriott International, Accor and Starwood, are jockeying with the popular condo investor market for beach destinations, business centers and other key commercial markets. Investors and owners note the significance of domestic tourism consumption, estimated at 80 percent while from 1993 to 2006, international tourist arrivals have achieved or exceeded 2 million consistently.
Mexico’s market strengths and opportunities are abundant natural and cultural resources, exceptional geography in proximity to major feeder markets and a current government infrastructure of tourism support with a relatively low operating cost. Leisure and business travel abound offering five-star resorts at beach locations to extended-stay, mid-scale hotels in the country’s commercial centers. (source: Sectur -Marion Edward)