• How the Tourism-Dependent Caribbean Bounced Back   

Excerpt from CoStar

Tourism Has Potential To Drive Nearly $100 Billion in Revenue, More Than a Million New Jobs in Caribbean by 2032

The Caribbean region has emerged from the worst of the COVID-19 pandemic as a top tourism destination and trends point to continued growth in revenue and job creation.

A recent Caribbean impact report by the World Travel and Tourism Council forecasts potential revenue of $96.6 billion and the creation of 1.34 million new jobs by 2032, said Nicola Madden-Greig, president of the Caribbean Hotel and Tourism Association and group director of marketing and sales at the Courtleigh Hospitality Group.

“This is major in terms of the potential for Caribbean tourism,” she said during the first day of the 14th annual Caribbean Hotel & Resort Investment Summit.

However, the region must overcome headwinds to get to that point. Challenges include the need for better air connectivity, investment in technology and relationships with the government, Madden-Greig said.

“The Caribbean was noted as the most tourism-dependent region in the world,” she added. “Probably it was thought that we would be the last one to rebound [from the COVID-19 pandemic]. Ladies and gentlemen, these are the figures … some of our destinations are in double-digit growth. For example, we have the U.S. Virgin Islands, St. Martin, Guadalupe [and] Martinique.”

Remington Hotels CEO Sloan Dean said consumers are not pulling back from spending more of their discretionary income on travel and experiences.

He said the Caribbean specifically is set up nicely to capture demand from travelers who want to blend business and leisure.

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