Travel & Tourism - LATAM

  • Revenue in the Travel & Tourism market is projected to reach US$56.63bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.87%, resulting in a projected market volume of US$65.92bn by 2028.
  • The largest Travel & Tourism market is the Hotels market with a projected market volume of US$30.25bn in 2024.
  • In the Hotels market, the number of users is expected to amount to 158.80m users by 2028.
  • User penetration is 30.9% in 2024 and is expected to hit 33.6% by 2028.
  • The average revenue per user (ARPU) is expected to amount to US$288.60.
  • In the Travel & Tourism market, 81% of total revenue will be generated through online sales by 2028.
  • In global comparison, most revenue will be generated in the United States (US$199bn in 2024).

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

Region comparison

Analyst Opinion

The Travel & Tourism market in LATAM is experiencing significant growth and evolution, driven by various factors that are shaping the industry in the region.

Customer preferences:
Travelers in LATAM are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions to explore off-the-beaten-path destinations. There is a growing demand for sustainable and eco-friendly travel options, as well as a preference for personalized and customized travel experiences tailored to individual preferences.

Trends in the market:
In Brazil, the largest country in South America, there has been a notable rise in adventure tourism, with travelers exploring the Amazon rainforest and engaging in activities like hiking, wildlife watching, and river cruises. Argentina, known for its vibrant culture and natural beauty, is seeing a surge in gastronomic tourism, with travelers eager to savor the country's world-renowned cuisine and fine wines.

Local special circumstances:
Colombia, once plagued by security concerns, has emerged as a top travel destination in LATAM, attracting visitors with its rich history, diverse landscapes, and warm hospitality. The country's peace process has boosted tourism, with more travelers discovering the beauty of destinations like Cartagena, Medellin, and the Coffee Triangle.

Underlying macroeconomic factors:
The economic stability and growth in countries like Chile and Uruguay have led to an increase in disposable income, allowing more people to travel both domestically and internationally. The depreciation of local currencies in some countries has made travel more affordable for foreign tourists, leading to a rise in international arrivals across the region. Additionally, government initiatives to promote tourism, improve infrastructure, and enhance safety measures have contributed to the overall growth of the Travel & Tourism market in LATAM.


Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.


  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
Please wait