The main reason why Mexico has always been popular has been price. Whether it be accommodations, food, drink etc. If the price is increasing, I just don't understand the appeal. As others have mentioned there are so many better places. Just have to fly an extra hour or two.
I'll never forget when we spent a week on St Maarten and then a week on Anguilla. We then had a 2 night, almost 3 full day layover in Cancun on the way home. After spending 2 weeks in the heart of the Caribbean.....Mexico was such a **** hole.
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