Francisco Peyret
San Miguel de Allende, one of Mexico’s most iconic tourist destinations, is facing a paradox: visitor numbers have exceeded pre-pandemic levels, yet the economic benefits haven’t kept pace.
To help frame the conversation around San Miguel’s evolving economy, here are some key statistics drawn from official reports by the Guanajuato State Government:
Key Stats
○ 2024: Nearly 2 million tourists (a record high), but just 7 billion pesos in economic impact—about the same as in 2018, when there were only 1.7 million visitors.
○ Hotel occupancy: Down from 45% (2018) to 38% (2024).
○ Inflation: A 28.22% rise (2018–2023) has weakened purchasing power, impacting the sector significantly.
What’s Driving the Shift?
Lodging Oversupply
Even after pandemic-era closures, the number of hotel rooms jumped from 2,800 (2019) to 3,500 (2023), thanks in part to new entries from chains like Hilton and Hyatt. At the same time, Airbnb listings ballooned to 3,600 rooms, crowding the market and cutting into hotel revenues.
Drop in Wedding Tourism
Before the pandemic, destination weddings brought in around 3 billion pesos annually (about 700 weddings per year). In 2023, that number dropped by 60%, generating only 1.2 billion pesos.
Changing Visitor Demographics
In 2022, 83% of visitors came from high-income brackets. By 2023, that number fell to 46%, with middle-class travelers making up 51% of the total. This shift points to lower average spending and a move toward more affordable lodging options like Airbnb.
Questions for Reflection
What do you think about San Miguel’s tourism trends? And how can the city adjust to maintain its status as a leading destination?
