The year 2023 presented significant challenges for the Colombian tourism industry, driven by a combination of factors including the national economic slowdown, the removal of tax benefits such as VAT exemptions for tourism, the devaluation of the Colombian peso against the dollar, and inflation.
The Colombian air market encountered several challenges throughout 2023, leading to a complex situation. The preceding year had seen commendable performance due to heightened connectivity and the continued benefit of reduced VAT on air tickets.
The hotel sector of Colombia's tourism industry is undergoing a dynamic transformation marked by investment in tourism infrastructure. This encompasses the development of properties spanning from small independent hotels to lodging establishments affiliated with global chains.
The online booking channel continues to surge in popularity, particularly among the younger demographic. This trend is evidenced by robust growth rates in online flight and hotel reservations, outpacing personalised booking methods.
In the forecast period, international tourism is projected to maintain its upward trajectory, whereas domestic tourism's growth will be contingent on economic conditions and the impact of inflation on Colombians' purchasing power.
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Understand the latest market trends and future growth opportunities for the Travel industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsThis report originates from Passport, our Travel research and analysis database.
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