Day of the Dead 2024: Consumer spending to surpass 45 billion pesos

Consumers in Mexico will spend some 45.3 billion pesos (US $2.3 billion) this November to celebrate the Day of the Dead, as estimated by Octavio de la Torre, head of the National Confederation of Chambers of Commerce, Services and Tourism (Concanaco Servytur). 

The estimate represents a 10% increase compared to last year, when over 90% of Mexican families spent 41.2 billion pesos (US $2.1 billion) on purchases related to the holiday. The spending is also fueled by government expenditures and purchases related to Halloween, an increasingly popular holiday in Mexico.

De la Torre stated that 4.8 million family businesses will get an income boost from the holiday.

The sectors that will benefit the most include short-term lodging, restaurants, travel agencies, transportation services, costume sales, candy stores and public markets. The hotel industry alone, he said, will benefit from 4.2 billion pesos (US $200 million) in estimated economic revenue, with an occupancy rate of over 60%. 

Where are the biggest Day of the Dead events happening?  

According to Concanaco, Michoacán and Mexico City will host some of the country’s most popular festivities. 

In the capital, these include the Day of the Dead parade along Paseo de la Reforma, which last year drew over 1.2 million people, and the Alumbrada in the eastern borough of Mixquic, which saw over 120,000 visitors. 

Meanwhile, the state of Michoacán, known for its strong preservation of Day of the Dead traditions, expects thousands of visitors who come to witness its annual canoe parade over Lake Pátzcuaro and the illuminated altars on the lake’s Janitzio Island. 

“There are many traditional activities that take place in the country, with some areas standing out more than others, so we invite all our chambers of commerce, services and tourism to participate in the Day of the Dead festivities,” de la Torre stressed. 

What is Day of the Dead?  

Día de Muertos, or Day of the Dead, is one of Mexico’s most cherished traditions, in which people honor their dead through several rituals and ceremonies. It follows the Indigenous belief that the dead temporarily return to Earth between Nov. 1 and 2.

While the origin of the holiday can be traced back to pre-Columbian civilizations, the festivity we celebrate today is a mix of Indigenous beliefs and Christian tradition unique to Mexico.  

With reports from Milenio