Revival of the Travel Industry in Latin America
Following the complete shutdown of international travel and tourism in most Latin American countries, the tourism industry in Latin America is in the revival phase. Travelers from the United States and Europe are making up for a lost time during lockdowns through increased travel spending and providing a much-needed boost to local economies in Latin America.
Boeing predicted that travel in the region would grow faster than the other regions. Even though international travel is likely to take months to return to pre-pandemic levels, movement in the travel and tourism industry has already begun, with hotels reporting higher average occupancy rates and continued growth in inbound and domestic tourism.
Growth in Latin America's Airline Industry
Due to the global lockdown, the airline industry in Latin America witnessed a sudden dip in revenue. The airline industry's revenue in 2020 came down $51.257 billion from $ 179.240 billion in 2019. However, the industry is recovering from the COVID-19 lockdown-related losses and is expected to generate $133.726 billion in revenue in 2022.
Based on the reports from Airports Council International (ACI), Latin America is expected to witness continuous growth in air travel in the year 2022. Furthermore, based on Boeing's projections, Latin America will see an average increase of 4.4% in air travel, outpacing other regions with an average of 4% for the airline industry worldwide. The airline industry's liberal policies have accelerated the growth of low-cost carriers in the region, making air travel more accessible to a more significant number of people. These factors are anticipated to fuel the growth of air travel in the region.
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