Destination Market Insights: Caribbean - Analysis of source markets, infrastructure and attractions, and risks and opportunities

Destination Market Insights: Caribbean - Analysis of source markets, infrastructure and attractions, and risks and opportunities

Summary

As is the case with many developing and emerging countries, tourism is a vital source of income and employment for the Caribbean nations. According to the most recent data available from the WTTC, the industry accounted for 15.2% of the region’s total GDP in 2017, with some island nations of the Caribbean among the most dependent on the travel and tourism industry globally. For example, the total contribution to GDP from travel and tourism in the Bahamas was 47.8% in 2017.

The Caribbean is one of the fastest growing destinations in the world. The rapid rise in tourism flows has brought a number of benefits including jobs and incomes. The development of the tourism industry thus presents a key economic priority in the region. However, given that the nations of the region are among the most tourist dependent countries in the world, there are a number of issues which need to be addressed if growth is to be sustained.

Overreliance on tourism and lack of economic diversification also poses a threat to such countries in the long-run. For instance, following Hurricanes Irma and Maria in September 2017, Antigua, St Kitts, and Puerto Rico, which are hugely dependent on tourism, were left devastated with the local economy suffering greatly.

Tourist arrivals in the Caribbean have been growing steadily during the past decade. However, tourist flows are disproportionate across the countries of the region; more than 6.4 million tourists visited the Dominican Republic in 2018 but Dominica welcomed only 77,560 tourists during the same period.

The report "Destination Market Insights: Caribbean - Analysis of source markets, infrastructure and attractions, and risks and opportunities", provides in-depth analysis of a tourist destination, in this case for the Caribbean region. The countries included in this report are the Dominican Republic, Cuba, Puerto Rico, Jamaica, the Bahamas, Barbados, Haiti, Guadeloupe, Trinidad and Tobago, St. Lucia, Antigua & Barbuda, Grenada, St Kitts & Nevis, and Dominica.

From creating unique and diverse tourism offerings, to fostering regional collaboration and investing in infrastructural projects, this report sheds light onto how Caribbean nations can leverage their strengths and capitalize on new trends to ensure the future success of the sector and economic prosperity.

The report uses regional and country focused analysis to explore inbound tourist markets, infrastructure and attractions, as well as risks and opportunities. The report provides clear insight into current and future tourism developments in the region.

Scope

• The Dominican Republic, Cuba and Puerto Rico are the leading tourist destinations in the region in terms of international arrivals.


• The travel & tourism industry accounted for 15.2% of the region’s total GDP in 2017, with some island nations of the Caribbean among the most dependent on the industry globally. For example, the total contribution to GDP from travel and tourism in the Bahamas was 47.8% in 2017.


• The countries of the region should focus on improving air connectivity, promote regional collaboration, differentiate their tourism offerings and capitalize on niche tourism segments such as wellness, wedding tourism, and food tourism.

Reasons to Buy

• Obtain a clear and detailed insight into new developments in a fast growing tourist destination.


• Use data and analysis to explore future trends related to international arrivals, airlines, niche tourism, and hotel developments.


• Gain a strong understanding of the opportunities in the market, as well as the risks, to support better business decisions.