Regional Tourism Challenged as More Locations Open Up

• Although the Caribbean region led the tourism rebound in 2022 and into the first quarter of 2023, achieving just 1% short of pre-pandemic overseas arrivals in the first quarter of 2023, new analyses suggest the region must sustain that attraction as more parts of the world lure travellers.
• An analysis by US travel insurance marketplace Squaremouth shows that eight of the ten most popular international destinations for key markets like the United States and Canada this summer are European countries.
• Additionally, tourism database company ForwardKeys noted the more competitive travel landscape in its recently released Caribbean Travel Trends report, released in conjunction with the Caribbean Hotel and Tourism Association (CHTA).
• The travel landscape is more competitive now that travellers have more choices, and due to pent-up demand for destinations that were previously off-limits or less accessible (South America, Southeast Asia), travellers may opt to visit those destinations this summer. The year 2023 could be considered the first year without COVID-19 for the tourism industry. The Caribbean destinations achieved a leadership position in the last years, now it is time
• Given these factors, the analysis suggested the region should capitalize on high-end Latin American travellers as it represents an exciting opportunity for the Caribbean through its near-shoring effects.
• Additionally, the report noted that Latin American travellers are willing to splurge on premium flight tickets (in particular, Ecuador, Peru, Colombia, Mexico, and Argentina) - and therefore, they are also likely to spend extra on travel services while at the destination which bodes well for the Caribbean tourism market.

(Source: The Nassau Guardian & CHTA)