June 17, 2026 | MIAMI
- Tourists in Brazil spend nearly 29.5% of their budget at restaurants and bars versus just 17.8% on lodging,
- Panama City leads North summer seat growth, consolidating as LAC dominant aviation hub ahead of Bogotá, Buenos Aires, and São Paulo
Latin America’s tourism economy is entering a new phase, one defined by adaptability. In a world shaped by economic uncertainty, shifting traveler priorities and rapid technological change, destinations are competing not only for visitors, but for how travelers choose to spend, experience and move across the region. Mastercard released its Travel Report 2026, an annual publication by the Mastercard Economics Institute (MEI), documenting how exchange rate dynamics, experience-driven spending, and a consolidation of aviation routes are together redefining where travelers go and what they do when they get there.
Drawing on Mastercard’s proprietary, anonymized transaction data, the report surfaces behavioral patterns that challenge conventional assumptions about where tourism value is created in the region. The findings offer a data-driven map of demand, with direct implications for destinations, financial institutions, airlines, and travel businesses across LAC.
“Latin America’s travel economy is no longer just about how many people arrive, it is about the forces shaping where they go, from where them come, how they spend, and what they value. Our data shows that exchange rates, spending behavior by nationality, and route dynamics are creating distinct patterns that destinations and businesses can act on with precision. These are not projections. They are patterns already visible in transaction data across the region”, indicated Gustavo Arruda, Chief Economist LAC, Mastercard Economics Institute.
Five findings that define LAC travel in 2026
Traveler spending patterns vary sharply by country of origin
Across all four LAC destinations, spending patterns by country of origin are remarkably stable and strategically distinct. In Colombia, Ecuadorian visitors allocate 42.3% of spend to retail, the highest single-category share for any origin market across the four destinations covered. In Mexico, Canadian visitors are the most lodging-focused (38.2%), while UK tourists show the highest tour-operator use (6.3%), signaling demand for curated, guided experiences. In Argentina, Mexican tourists balance restaurants (29.9%), lodging (20.6%), and retail (16.9%). These profiles create a data-driven foundation for precision destination marketing.
Corporate travel momentum is emerging in unexpected LAC cities
Brasília ranks #16 and Guadalajara ranks #20 in MEI’s Business vs. Leisure Momentum Index, placing both cities in the global top 20 for corporate travel acceleration. This signals a diversification of business travel demand beyond traditional LAC financial centers such as São Paulo and Mexico City, with implications for airlines, hotels, and financial service providers operating in these emerging hubs.
Argentina ranks #2 most exchange-rate-sensitive tourism destination
A 10% depreciation of the Argentine peso is associated with a 9.5% increase in foreign tourist arrivals, nearly four times the global average of 2.4%. Argentina ranks second globally in tourism FX sensitivity, behind only Türkiye. The effect is documented across origin markets: Brazilian visitors, Argentina’s top source, concentrate spend on lodging (37.3%) and restaurants (27.1%), while UK visitors lead on restaurant share (34.9%). Chilean tourists stand out for the highest bar spending among all origin markets (20.8%). The data confirms that Argentina’s exchange rate is not just a macroeconomic variable, it is an active driver of travel demand.
Brazil is redefining tourism value through experience, not accommodation
Tourists in Brazil allocate 27.1% of their spend to restaurants and 2.4% to bars, together nearly 29.5 of total tourist expenditure, compared to just 17.8% on lodging. Argentine visitors show the highest retail share of any source market (36.9%). Chilean visitors lead on live-experience spending (7.3%). US visitors lead grocery spend (20%). UK tourists allocate the highest restaurant share (33.7%). For destination marketers and businesses, Brazil’s value is not in beds, it is in what people eat, drink, and experience.
Panama City consolidates as LAC premier aviation hub
Among all flight routes originating in Latin America, Panama City leads North summer seat growth by a wide margin, ahead of Madrid, Bogotá, Buenos Aires, Paris, São Paulo, Lisbon, and Frankfurt. This reflects an accelerating trend toward regional route consolidation, with Panama City emerging as the primary connector for intra-LAC travel and transatlantic flows. The data confirms that LAC’s aviation geography is being redrawn, with implications for connectivity, airline strategy, and destination accessibility across the region.
Together, these findings suggest that Latin America’s travel economy is becoming increasingly defined by behavior rather than volume. As travelers continue adapting to economic shifts, technological innovation and changing personal priorities, destinations, travel operators and financial institutions will need a deeper understanding of how people move, spend and make decisions across the region.
Media Contacts
Militza Gonzalez, Mastercard
militza.gonzalez@mastercard.com
Media Contacts
Walter Herrera
About the Mastercard Economics Institute
The Mastercard Economics Institute provides insights into global and local economic trends using advanced analytics and Mastercard’s proprietary data assets. Established in 2020, MEI supports businesses, governments, and policymakers with economic monitoring services and timely analysis on economic themes including consumer spending, retail and travel trends, and other local and global barometers of economic performance. MEI offers valuable perspectives to inform decision-making and promote sustainable growth worldwide through our thought leadership series, and through Mastercard’s specialized product offerings.
About Mastercard
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