Brazilian tourists flocking to the US, but could it be a bad thing?
Posted On July 18, 2021
Brazil is the latest country to be rocked by a spate of deadly tourism incidents.
A new study claims the country has become the latest destination to lose tourism dollars, and is on track to lose $8 billion annually by 2040.
According to the report from the United States-based Travel Industry Council (TIC), Brazil is on pace to lose more than $8.5 billion annually between now and 2040, and has the second-worst tourism investment rate in Latin America, behind only Peru.
According the study, Brazil’s economy has been on a downward trend for the past five years, and a new wave of tourists are flocking here to escape the high costs of living.
According for example to the study’s figures, the number of foreign tourists visiting Brazil increased by over 50 percent in the first half of 2018.
Brazilians are also spending more than a third more than they did last year.
The report’s authors also point to the country’s high inflation rate, which is expected to reach almost 10 percent this year, with some analysts saying that the country could become the fourth-highest inflation-producing country in the world in 2040 as a result of rising tourism costs.
The Brazilian government has been under pressure to rein in its tourism industry following the deaths of three tourists and several other incidents in the past week, as well as a spate to the recent murder of a woman in Sao Paulo.
The number of foreigners visiting Brazil is expected in the region of $12 billion by 2020, with over half of that going to the United Kingdom and the remainder going to France, the report added.
The study, which was conducted by the travel agency TIC and was released ahead of the World Tourism Organization’s annual World Tourism Conference, also found that tourism in Brazil has increased over the past two years to a record $871 million, with an average increase of over 4,000 tourists a day.