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power and the travel plans of non- business travellers.” Still there is light at the end of
the tunnel, particularly for Brazil which economists and retailers alike believe is ‘coming back’. “Recovering
confidence,
accommodative monetary policy and falling unemployment are seen kicking the recovery into a higher gear in 2019,” says Angela Bouzanis, Senior Economist at FocusEconomics. Retail sales (domestic) rebounded
in November, pointing to a pick-up in household spending. Interestingly, DF&TR operators
Dufry arrivals store at RIOgaleão - Tom Jobim International Airport Terminal 2.
“From an external perspective, [we need] to see currency fluctuations stabilising or even better, recovering, mainly in Latin America,”
Julián Díaz, CEO, Dufry
with the new administrations, Venezuela with what’s going to happen over the next few months and how that’s going to recover.”
This content is for subscribers only. Spanish tourists remain loyal to LatAm
Confidence in Brazil Of course, DFA’s business in the Americas will always be impacted by the strength or weakness of the US dollar, something which DFA President, Leon Falic says has been
rate between the US dollar and Colombian peso during the year impacted people’s buying
According to big data and intelligence company, Forwardkeys, South America benefitted from Spanish tourists travelling to its most popular destinations last year. Thirty percent of independent Spanish
travel outside Europe last year was to Latin America and the Caribbean and overall arrivals were up 3.6%. Forward bookings for the first half of
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to Latin America is helping to sustain growth, along with new scheduled routes this year. On flights to Latin America, capacity for the first half of 2019 is up by 10.4%, ForwardKeys CEO and Co-founder,
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2019 are looking healthy too, according to Forwardkeys. These are ahead 2.7%, holding up against the rest of the world at 2.6%. Research provides evidence that increased seat capacity from Spain
50 TRBUSINESS
Olivier Jager said: “Our latest findings show that Spanish independent travellers still favour Latin America for obvious reasons. “The connections, historical and
familial, are strong. And our research shows there’s an untapped appetite outside Madrid.”
Olivier Jager, FowardKeys. MARCH 2019
a problem within the last year or so. “A strong dollar is always
difficult for us and it’s always a disadvantage...We hope that some of these countries [outside of the US] will recover; particularly in LatAm. But we need Canada, Mexico, Brazil, Colombia to recover. “We are betting that in the next
couple of years, things will improve and at that time we’ll be in a much better place in terms of pricing.” (See p31 for the full interview with DFA President, Leon Falic). Erasmo Orillac, CEO, Motta
Internacional also admitted that the strength of the US dollar had impacted the company’s business in Colombia. “[The] worsening exchange
also began to see some positive indicators in Q4. Dufry Group CEO Díaz told
TRBusiness at the very end of last year that the Brazilian real had stabilised at low levels after the Brazilian elections, “Which is already a good sign,” he said. DFA is also positive about its
future in Brazil. “We really believe Brazil is going
to be great,” says Falic. “We have great thoughts about
it and have made great investments. We’re going to continue to invest in Brazil. “We know Brazil’s economy goes
in cycles and we think the cycle is coming back and once that cycle comes back, it comes back very strong. So, we’re going to continue betting on Brazil for sure. “We’re moving into new
locations. We’re opening up a bunch of different new businesses there and we’re looking at airports too.” «
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