Recently published research from Business Monitor International, "Caribbean Tourism Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/15/2013 -- The Caribbean Tourism Report examines the enormous long-term potential of the market, given its reputation as a major tourism destination, but analyses the impact of a slowdown in Europe - one of its major markets - especially as the Caribbean is a relatively expensive holiday destination.
The report examines how best to maximise returns in the Caribbean tourism market, capitalising on the region's wide variety of tourism destinations and well developed tourism infrastructure. The report also assesses differences between the key island groupings and which are recovering more swiftly.
We consider the key players in the Caribbean market, both domestic and foreign, and evaluate the development strategies they are employing to maximise returns during the economic slowdown.
Data released by the Caribbean Tourism Organisation (CTO) in September 2012 showed the region experiencing a generally positive 2012 to date. Most countries have now reported full half-year data, with highest growth being experienced in Belize (8.5% growth y-o-y), Curacao (8.6%), the Dominican Republic (7.3%), Guyana (17.9%), St Maarten (9.7%) and the US Virgin Islands (14.2%). Of the other countries, six reported declines in arrivals: Anguilla (4.1%), Barbados (4.8%), Bermuda (4.0%), Grenada (5.1%), Montserrat (11.2% and St Lucia (0.5%). This performance remains on par with 2011 and suggests that the region is continuing to recover from the global economic slowdown.
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Focus On Jamaica: Jamaica is one of the Caribbean's most popular destinations and has held up reasonably strongly during the tourism slowdown. Tourist arrivals grew by 3.5% y-o-y in 2011, putting it among the medium performers across the Caribbean. Between January and May 2012 arrivals grew by only 1.5%, although this slow arrivals rate may reflect the lack of data for later months in the year.
Jamaica continues to be an attractive location for investment and enjoys a more diversified economy than some of the smaller Caribbean island. This has allowed it to maintain economic growth despite declining tourist arrivals. However, the government is keen to restore the tourism industry to its pre-2008 levels of growth and plans to launch a new marketing campaign to attract more visitors to Jamaica.
Key Changes Made
- BMI looks at the ongoing problem of industrial action affecting regional airline LIAT and how this may affect its plans to cut routes.
- BMI assesses steady tourist arrivals growth across the region and the implications for positive full-year growth, despite the poor economic outlook in source markets in North America and Europe.
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