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Chile and the U.S. lead inbound travel to Latin America’s fifth-largest economy.
Peru’s corporate travel market was worth approximately US$3.6 billion (12 billion Peruvian sols) in 2018. Domestic business trips made up more than half of travel spending, and Peruvians’ international business trips abroad accounted for 27%. Inbound travel made up the rest. Between 2013 and 2018, overall business travel spending grew 6.3% a year, on average; spending on international trips grew almost 13% annually. Overall spending is expected to grow about 6% a year through 2023. Gross domestic product (GDP) grew 4% in 2018. Oxford Economics forecasts the same growth for 2019.
Download the 2019 Industry Forecast, with region-specific reports and infographics available in six languages. Ask how BCD Travel can help you get travelers to emerging and established markets all over the world.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner el_class=”force-row-width”][vc_column_inner width=”1/3″][vc_custom_heading text=”Economic environment” font_container=”tag:h3|font_size:20|text_align:center|color:%23ffffff” use_theme_fonts=”yes” css=”.vc_custom_1512610685273{border-left-width: 3px !important;padding-top: 1px !important;padding-bottom: 1px !important;padding-left: 3px !important;background-color: #6a982f !important;border-left-color: #486628 !important;border-left-style: solid !important;}”][vc_custom_heading text=”Economic growth and business travel spending” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes” css=”.vc_custom_1512610591220{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text]
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- Peru is Latin America’s fifth-largest economy and 50th in the world, ranking close to Portugal and Greece.
- Minerals mining makes up about a quarter of economic output, with copper and silver in the lead.
- Services account for 60% of output and employment. Telecommunications and financial services comprise two-thirds of the sector.
- Private investment, manufacturing and exports are expanding, laying the foundation for solid economic growth. But the economy is vulnerable to swings in commodity prices.
- The government’s anti-corruption efforts are broadly supported by the public. Interest-rate and tax policies have fostered growth, although their effects will fade.
- As the 2021 presidential election approaches, rising uncertainty could dampen growth. Economists are predicting 3.8% expansion in 2020.
[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/3″][vc_custom_heading text=”Air” font_container=”tag:h3|font_size:20|text_align:center|color:%23ffffff” use_theme_fonts=”yes” css=”.vc_custom_1512610692949{margin-left: 0px !important;border-left-width: 3px !important;padding-top: 1px !important;padding-bottom: 1px !important;padding-left: 3px !important;background-color: #5a88c6 !important;border-left-color: #3764a1 !important;border-left-style: solid !important;}”][vc_custom_heading text=”International travel” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes” css=”.vc_custom_1512659905027{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text]
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- Between 2013 and 2018, international travel to and from Peru expanded by 7% per year. Through 2023, annual growth is expected to shrink to 2.8% as arrivals slow.
- More than a quarter of overnight visitors to Peru arrive from Chile. The U.S. is the second-largest inbound market, and its share of the inbound market is forecast to rise to 18%. Many visitors also come from Ecuador, Colombia and Spain.
- Peruvians’ Top 3 destinations are Chile (20% of outbound trips and growing), the U.S. and Ecuador. Ecuador is expected to replace the U.S. as the second-largest outbound market by 2023.
- LATAM dominants the air market, accounting for more than half of departures from Lima, Cusco and Arequipa.
- Air competition waned in recent years after the collapse of LC Peru and Avianca’s reduction in operations. But Chilean Sky Airline has entered the low-cost carrier market to compete with Viva Air Peru on domestic routes.
- Peruvian Airlines and Star Peru plan to merge. Together, they held 20% of the market in 2018.
[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/3″][vc_custom_heading text=”Accommodation” font_container=”tag:h3|font_size:20|text_align:center|color:%23ffffff” use_theme_fonts=”yes” css=”.vc_custom_1512610700425{border-left-width: 3px !important;padding-top: 1px !important;padding-bottom: 1px !important;padding-left: 3px !important;background-color: #ff9e16 !important;border-left-color: #ef790e !important;border-left-style: solid !important;}”][vc_custom_heading text=”Hotel demand” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes” css=”.vc_custom_1512610603564{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text]
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- Demand for hotel accommodation in Peru increased 23% between 2013 and 2018, averaging growth of 4.2% per year.
- Annual growth is forecast to slip to 3.4% through 2023, due largely to a slowdown in international demand.
- Peruvian company Casa Andina Hotels is the largest chain. It operates 29 hotels across 17 cities and towns. Its Premium brand hotels target corporate travelers in Peru’s major cities: Arequipa, Cusco, Lima, Piura, Puno, Trujillo and Urubamba.
- Wyndham is the largest global chain with an upscale offering of 13 hotels across the Dazzler, Esplendor and Wyndham brands, as well as two midscale Ramada properties.
- Supply is improving, with global chains Hilton, IHG, Radisson Hotel Group and Accor all planning new hotels, mostly in Lima.
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