Brazil’s 2024 Carnival is set to significantly revitalize the tourism industry, with an expected revenue generation of R$9 billion ($1.84 billion).
This marks a 10% increase from 2023’s R$ 8.2 billion ($1.67 billion), representing the highest post-pandemic revenue.
The National Confederation of Commerce (CNC) provided these projections, emphasizing Carnival’s economic impact.
Key macroeconomic factors, such as decreasing interest rates and a slowdown in inflation, are aiding this financial uplift.
The improved economic climate is bolstering financial activities during Carnival and contributing to the gradual recovery of various sectors.
Particularly noteworthy is Minas Gerais, forecast to see a 20.2% revenue increase.
We also expect Paraná, Rio Grande do Sul, Santa Catarina, Rio de Janeiro, and São Paulo to experience notable growth.
Regions like Paraná and Rio Grande do Sul, typically attracting fewer tourists, may witness more significant increases due to the overall rise in tourism.
The appeal of these destinations, increasingly highlighted on tourism websites, is attracting more visitors.
Foreigners visiting Brazil during Carnival are projected to spend about $971 million in February, equating to R$4.8 billion.
This spending is 19.3% more than the previous year and exceeds the $694 million from 2020, the last year of pre-pandemic street celebrations.
We also expect Carnival 2024 to create a positive impact on job opportunities, especially in temporary service sector roles.
After four years of job deficits, predictions suggest the festival will generate about 2,057 temporary jobs.
Overall, the economy could see around 70,697 job openings in the Carnival month, with a potential permanent employment rate of 6.2%.
Cultural events like Carnival drive economic growth, create jobs, and support post-pandemic tourism recovery.