The Mastercard Economics Institute presented its Travel Report 2026, an annual analysis that reveals how the dynamics of the exchange rate, the growing interest in experiences and the consolidation of air routes are redefining the destinations chosen by travelers in Latin America and the Caribbean.
The report is based on Mastercard’s own anonymized transactional data. It identifies patterns of behavior that challenge conventional perceptions about where tourism value is created in the region. The findings offer an x-ray of demand supported by data, with direct implications for destinations, financial institutions, airlines and companies in the sector.
The exchange rate as a driver of tourism demand
One of the most notable findings of the report is the high sensitivity of Argentine tourism to exchange rate variations. Argentina occupies second place globally in this indicator, only behind Turkey. A 10% depreciation of the Argentine peso is associated with a 9.5% increase in international tourist arrivalsa figure almost four times higher than the world average of 2.4%.
The effect is observed consistently between different issuing markets. Brazilian travelers, the main source of tourism to Argentina, concentrate their spending on lodging (37.3%) and restaurants (27.1%) . UK visitors record the highest proportion of spending on restaurants (34.9%) while Chilean tourists stand out for spending the largest proportion on bares (20,8%) .
Spending patterns by country of origin
The report reveals that spending patterns vary greatly by country of origin. In the four destinations analyzed in the region, these differences are strategically relevant.
- In Colombia: Ecuadorian travelers spend the 42,3% of its spending to retail, the largest share on record in a single category.
- In Mexico: Canadian visitors concentrate the largest proportion of their spending on lodging (38.2%) . UK tourists report the highest use of tour operators (6.3%) .
- In Argentina: Mexican travelers distribute their spending evenly between restaurants (29.9%), lodging (20.6%) and retail trade (16.9%) .
Experience as a new driver of tourist value
Brazil is redefining tourism value through experience. Tourists spend the 27,1% of your spending to restaurants and the 2,4% to bars, which together represents about 29,5% of total tourist spending, compared to 17,8% intended for lodging.
Argentine visitors register the highest proportion of spending in retail trade (36.9%) . Chilean travelers lead spending in live experiences (7.3%) . Americans stand out for the highest proportion of spending on supermarkets and groceries (20%) . Tourists from the United Kingdom allocate the largest share of their spending to restaurants (33.7%) .
The rise of corporate travel in unexpected cities
Brasilia occupies position #16 and Guadalajara #20 in the “Business vs. Leisure Momentum Index”. This places both cities in the top 20 in the world for corporate travel growth. This result reflects a diversification of business travel demand beyond traditional financial centers such as São Paulo and Mexico City.
Panama City, the new regional aviation hub
Among all air routes originating in Latin America, Panama City largely leads the growth of air capacity for the summer season. It surpasses cities such as Madrid, Bogotá, Buenos Aires, Paris, São Paulo, Lisbon and Frankfurt. The report confirms that the region’s air connectivity map is evolving, with relevant implications for airlines and the accessibility of tourist destinations.
The vision of the Mastercard Economics Institute
“The economics of tourism in Latin America is no longer just about how many people arrive at a destination, but about understanding the forces that are defining where they travel, where they come from, how they spend and what they value” he pointed out Gustavo Arruda, chief economist for Latin America and the Caribbean at the Mastercard Economics Institute.
«Exchange rates, spending patterns by nationality and the dynamics of air routes are shaping differentiated trends that destinations and companies can precisely take advantage of. These are not projections; they are patterns that are already visible in transactional data throughout the region» he added.
Mastercard Economics Institute
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