Grasping the preferences and behaviors of Mexican travelers is essential for optimizing tourism revenue. Experts in the industry highlight the considerable economic influence that Spanish-speaking tourists exert on local economies, as well as the substantial growth opportunities that arise when Mexican travelers embrace digital payment solutions.
Spanish, the second most spoken native language in the world, has 750 million speakers worldwide, ranking as the second most widely spoken native language globally, after Mandarin and before English. Mexico has the highest number of native Spanish speakers, with 126 million.
The increasing number of Mexican tourists and their purchasing ability offer a considerable chance for the worldwide tourism sector. By grasping their payment inclinations and travel habits, companies can more effectively accommodate this important market segment. Promoting the use of digital payment options will not just improve the travel experience for Mexican travelers but also unleash significant growth opportunities for local economies in the places they visit.
In the year 2023, Mexico experienced an impressive 46 million departures, highlighting the significant impact of the Spanish-speaking market, specifically the Mexican sector, on the worldwide travel industry. The latest statistics from the National Institute of Statistics and Geography (INEGI) – an independent entity of the Mexican Government responsible for managing the National System of Statistical and Geographical Information of the nation – indicate a notable rise in international travel among Mexican citizens. By May 2024, a total of 5,360,549 Mexican residents embarked on trips abroad, reflecting a 30% surge compared to May 2023.
Industry data shows a substantial rise in the number of Mexican travelers going abroad, with an 85% surge in travelers from January to May 2024 in comparison to the same period in 2023. This increase surpasses the national average and reflects a clear inclination towards European long-haul destinations such as Italy, Spain, France, and the United Kingdom, as opposed to destinations like the United States or Colombia.
INEGI reported that Mexican tourists spent a total of $895.6 million while traveling abroad, showing a 21.5% growth compared to the previous year. The average spending per trip also went up, with Mexican travelers now spending an average of $167.08 per trip. Industry data indicates that the average spending per person on activities has increased by more than 10% in 2024. This rise highlights the increasing economic influence of Mexican tourists on the economies of their favorite destinations.
Fintech and payments experts conducted an analysis emphasizing the significance of comprehending payment preferences among Mexican tourists. Cash remains the top choice for 100% of Mexicans, especially for daily or low-value expenses (47%), but they also frequently utilize debit cards (85%) and credit cards (66%). Despite digital payment methods having a lower current usage rate at 34%, they present a promising growth potential due to their convenience and security features.
The digital payments sector in Mexico is experiencing annual growth, and travel and tourism industry can further advance this progress by implementing specialized, secure technology that guarantees safe and rapid transactions, thus expanding the range of available payment options. As a greater number of Mexicans embrace digital payment solutions, the opportunities for economic expansion within the tourism industry rise considerably.
Guaranteeing the ‘protection and timely processing’ of payments is essential for cultivating enduring relationships with banking and financial institutions. Implementing an multichannel acceptance model for payment methods enables businesses to adapt and meet the varied requirements of travelers. With the rise in digital payment adoption, there is a corresponding opportunity for substantial growth in tourism revenue.