2022 is proving to be another year of uncertainty for travel in Brazil, with little prospects of significant growth. With the drop in pandemic-related restrictions to inbound tourists in other countries, Brazilian tourists are resuming their plans to travel abroad.
Pent-up demand for travel means that local consumers are resuming their plans to go on a trip sooner than later. However, in addition to macroeconomic uncertainties and unfavourable indicators, the price of airline tickets serves as an important constraint.
With the increased digitalisation of work-related interactions, businesses have revisited the need to travel for professional purposes at a time of such outstanding uncertainty regarding prices of tourism prices, such as airline tickets and hotel fares. As a result, hotels has been the most affected lodging category due to the severe decline in corporate business tourism, with the latter predicted to be last travel segment to recover to pre-pandemic levels.
Amid the scenario of constrained consumer income and uncertainty, the federal government has extended the deadline for the postponement or cancellation of tourist reservations and cultural events for another year. The change is contained in a Provisional Measure (MP) and serves to extend until the end of 2023 the effects of the law created in 2020.
The scenario of consumer confidence and devalued local currency will remain challenged by uncertainty across the board due to high living costs, expensive credit, and presidential elections in Brazil. In addition, the local currency is expected to remain devalued against the USD dollar, which is expected to continue to contribute to high airline ticket prices.
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Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.See All of Our Definitions
This report originates from Passport, our Travel research and analysis database.
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