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In this article, we’re going to cover the five cheapest Latin American countries to stopover in 2024. If you need to skip our in-depth analysis, you can skip straight to the five cheapest Latin American countries to make a stopover in 2024.
The global tourism industry has been hit hard by COVID-19. Travel restrictions have been imposed and tourist rates have fallen drastically. The tourism industry in Latin America has also suffered greatly in this tumultuous period. According to a report by Mordor Intelligence, tourism’s contribution to Latin America’s GDP fell from $490 billion in 2019 to $300 billion in 2020. The pandemic has also been characterized by a drastic relief in the number of tourism-related jobs in the region. from 23 million in 2019 to 18 million in 2020. Almost five million more people in the tourism sector lost their jobs due to the pandemic.
However, as we emerge from the pandemic era, the tourism industry has gained momentum. It is estimated that the tourism and Latin American market will reach a value of 52. 18 billion dollars in 2024. The market is expected to grow at a compound annual expansion rate. (CAGR) of 5. 41% from 2024 to 2029 and reach $67. 91 billion by the end of the year. Expected period. The tourism industry around the world is recovering and returning to pre-pandemic levels.
According to a report by the World Tourism Organization (UNWTO), the number of foreign arrivals to Latin America fell first by 63% in 2021, compared to 2019 figures. The number of arrivals in Latin America has returned to around 29% of pre-pandemic degrees in 2022. Finally, by 2023, global tourism had returned to 88% of pre-pandemic degrees. The Americas have noted a remarkable recovery and returned to 90% of pre-pandemic visitors in 2023. La influx of tourists The United States is expected to be one of the main participants in the recovery of the Latin American tourism market.
Airbnb Inc (NASDAQ:ABNB), Royal Caribbean Cruises Ltd (NYSE:RCL), and Booking Holdings Inc (NASDAQ:BKNG) are among the largest facilities companies.
Airbnb Inc (NASDAQ: ABNB) is a global online marketplace that connects travelers with hosts who provide hotels and experiences. It was founded in 2008. The company’s impact in Latin America and the Caribbean has been significant in terms of economic recovery and task. creation. Airbnb Inc (NASDAQ: ABNB) partnered with WWF Mexico and the Mexican Federation of Tourism Associations (FEMATUR) in 2020. The association aimed to promote sustainable travel through its “Mexico via Land” initiative. This initiative includes five itineraries designed for cars. travel, passing by sites of Mexican biodiversity that provide an option for mass tourism. These itineraries aim to enable safer travel experiences, integrate travelers with local communities, and showcase the price chains of local entrepreneurs. Airbnb Inc (NASDAQ: ABNB) also partnered with UNESCO on 2021. La collaboration aimed to publicize cultural tourism in Latin America, while protecting communities’ cultural and herbal assets and selling sustainable tourism.
Royal Caribbean Cruises Ltd (NYSE: RCL) is a renowned cruise line that offers a variety of cruise reports to destinations around the world, including Latin America. The company actively promotes tourism in Latin America through its South American cruises, which will offer travelers the opportunity to explore the region’s rich cultural heritage, herbaceous landscapes, and ancient sites. Cruises will offer a diverse mix of cultural insights, adventures, and ancient discoveries. On March 22, Royal Caribbean Cruises Ltd (NYSE: RCL) announced the expansion of its line of destinations. The expansion is in addition to the addition of the Royal Beach Club Cozumel in Mexico, which is scheduled to open in 2026. This addition follows the good fortune of the Royal Beach Club Paradise Island in the Bahamas. The beach club will offer a variety of amenities, adding pools, restaurants, and activities such as snorkeling and kayaking.
Booking Holdings Inc. (NASDAQ: BKNG) is a leading generation company founded in the United States. It operates various tourism and hotel facilities globally. On February 22, Booking Holdings Inc (NASDAQ: BKNG) reported its results for the fiscal fourth quarter. of 2023. La company reported EPS of $32, beating estimates of $1. 95. The company’s earnings for the quarter rose 18. 15% to $4. 78 billion, $73. 37 million ahead of the market consensus. Here are some of the comments from the company’s earnings call:
“I am pleased to report a strong finish to 2023 as room nights in the fourth quarter slightly exceeded our expectations and increased just over 9% year over year or 11% if Israel is excluded from any of the consistent periods. Compared to 2019, our room nights increased by 21% compared to our expectations of 20%. We achieved record fourth quarter profit of $4. 8 billion and record adjusted EBITDA of $1. 5 billion, above our expectations. Finally, GAAP and constant percentage earnings in the quarter increased 29% year over year, helped through relief in our constant percentage count compared to last year. As we approach 2024, we continue to see resilience in global recreational demand. As we look ahead to next year, we see strong expansion on the books. for trips expected to take place in 2024, offering first signs of another potentially record-breaking summer season. As we noted above, a maximum percentage of those bookings are possible and what is planned for the summer today at that time represents a small percentage of the total bookings we expect to eventually receive. »
Despite the large number of agencies that offer user-friendly services, the total cost of a vacation is an important factor. Some countries have relatively lower prices than others. With that said, let’s take a look at the cheapest Latin American countries to travel to in 2024. .
15 Cheapest Latin American Countries to Visit in 2024
Our Methodology
To compile our list of the cheapest Latin American countries to stopover in 2024, we first use a consensus methodology. We select through a directory of 10 resources the cheapest countries to stopover in Latin America and compile those discussed in at least 50% of the resources. We then check the average flight fares and accommodation costs in each of the shortlisted countries. The reason for using this measure was that the flight and accommodation are unavoidable costs of any stopover in. Therefore, it can help determine which of those options is the cheapest for a stopover. Additionally, each of these countries offers a variety of dining and activity options for all budgets. We use Kayak to get flight and accommodation costs. Flight costs are circular trips, for one person, starting from Newark, New Jersey, to the capital of the destination country. For accommodation costs, we looked at the room features of two other people with 6+ ratings in the capitals. Data was collected on March 21, 2024 and is subject to update over time. It is essential to keep in mind that these costs also vary depending on the place of departure, the city of destination and the city of accommodation.
After collecting the data, we combined the two prices to get a total. Total charge is our number one metric. The list has been ranked in descending order according to the main metric, from the most expensive Latin American countries to the cheapest countries through 2024.
Flight fare: $723
Cost of Accommodation: $152
Total: $875
Costa Rica is a country in Central America. San Jose is the capital and largest city of Costa Rica and is in the center of the country. It became the capital in 1823. Costa Rica offers a varied diversity of attractions to visitors. San Jose is known for its world-class museums, theaters, and historic buildings.
Flight Fee: $625
Cost of Accommodation: $227
Total: $852
Antigua and Barbuda is an island country located in the Caribbean. The country’s capital and largest city is St. John’s. Antigua and Barbuda offers a plethora of tourist destinations, adding Shirley Heights, Lookout, and Stingray City. It is one of the cheapest countries in Latin America in 2024.
Flight fare: $553
Cost of Accommodation: $287
Total: $840
The Cayman Islands are located in the Caribbean Sea and have 3 islands: Grand Cayman, Cayman Brac, and Little Cayman. The Cayman Crystal Caves and Seven Mile Beach are some of the most visited places in the country. The islands draw a gigantic number of tourists every year.
Flight fare: $654
Cost of Accommodation: $176
Total: $830
Panama is a country in Central America, bordered by the Caribbean Sea and the Pacific Ocean. The Panama Canal is one of the country’s most prominent tourist attractions. The canal is a prominent waterway connecting the Atlantic and Pacific oceans, known for its engineering marvel and ancient significance.
Flight fare: $618
Cost of Accommodation: $202
Total: $820
Jamaica is one of the cheapest countries to visit in Latin America in 2024. The country has a rich cultural heritage, amazing natural attractions, and warm hospitality. Dunn’s Falls is among the most popular places in the country. Kingston is the capital of Jamaica.
Flight fare: $646
Cost of Accommodation: $155
Total: $801
St. Kitts and Nevis is a captivating destination known for its lush rainforests, majestic mountains, and striking coastlines. Liamuiga Nature Farms and Brimstone Hill Fortress National Park are popular destinations that attract thousands of tourists each year. A round-trip flight to and from New Jersey costs around $646.
Flight fare: $490
Lodging Cost: $282
Total: $772
The Bahamas is one of the cheapest destinations in Latin America in 2024. A round-trip flight from New Jersey to Nassau costs an average of around $490. The islands will offer a wide diversity of activities and destinations by adding the native Leon Levy plant. Reserve, Free Port
Flight fare: $484
Cost of Accommodation: $262
Total: $746
Puerto Rico is a popular tourist destination in Latin America. Puerto Rico’s tourism sector is a component of its economy and offers a wide variety of natural and cultural attractions to explore. Popular attractions in Puerto Rico include Old San Juan, El Yunque Rainforest, and Piñones.
Flight fare: $571
Cost of Accommodation: $132
Total: $703
Colombia is one of the cheapest countries in Latin America in 2024. Colombia’s tourism industry has undergone significant expansion and transformation in recent years, attracting tourists from all over the world to explore its varied landscapes, rich culture, and ancient sites. The islands of Cartagena, San Andrés and Providencia Santa Catalina.
Flight fare: $572
Cost of Accommodation: $120
Total: $692
El Salvador is a popular tourist destination with beaches, forests, and archaeological sites. Some of the most visited spaces in El Salvador include La Libertad and El Tunco. A round-trip flight from New Jersey to San Salvador costs an average of $572.
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Disclosure. None. 15 Cheapest Latin American Countries to Visit in 2024 originally published on Insider Monkey.