Mexico Travel Hit as ‘Super Peso’ Boosts Costs
Mexico's travel booms slow due to the strong peso, driving up travel costs. More Mexicans are travelling abroad while international arrivals decline.
Mexico Travel: Super Peso Drives Mexico Tourism Slowdown: More Mexicans Travel Abroad
Mexico became a well-liked vacation destination during the outbreak, but now tourism is slowing down. This is a result of the strengthening peso, which raises travel expenses and encourages more Mexicans to visit foreign countries while on vacation.
According to the national statistics organization INEGI, the number of foreign visitors coming to Mexico in August, which is generally a busy time for summer vacations in the northern hemisphere, fell 1.5% from the previous year. This was the first yearly fall since March 2021. On the other hand, Mexicans visiting overseas significantly increased by over 26% during the same month.
Mexico tourist spike stalls after super peso boosts travel costs | Travelhttps://t.co/tawEkEFuwv
— Realtimeindia (@Realtime_india) October 11, 2023
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5Peso Strong: 15-Year High
July marked the longest stretch of increases for the Mexican peso in 15 years, with the currency remaining close to its highest level since 2015. The peso has strengthened by 8.8% against the US dollar this year, making it the second-best major currency in the world, despite a minor decline in strength since late August owing to market turbulence.
Tourism Costs Shift
According to INEGI projections, the robust peso, sometimes known as the “super peso,” has increased the cost of visiting Mexico for foreign tourists, causing a 7.2% fall in overall expenditure in August. Meanwhile, as Mexico’s GDP, Latin America’s second-largest, is predicted to expand by 3.2% this year, travel-related spending by Mexicans increased by about 30%.
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Between 2020 and 2022, the COVID-19 pandemic affected several major tourist locations, but Mexico was one of the few that did not significantly restrict international travel. As a result, Mexico benefited from the surge of visitors, particularly Americans, who encountered restrictions or prohibitions in other countries.
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