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Caribbean Tourism Industry reports strong 2024 Performance with optimistic Outlook for 2025
Despite rising operating costs, labor shortages, and profitability challenges, most businesses reported profits, demonstrating resilience and confidence in the industry’s future. The report, based on a survey of tourism businesses across 20 Caribbean destinations, provides a comprehensive look at the industry’s performance in 2024 and expectations for the year ahead. It explores key trends such as revenue growth, labor market shifts, rising operational costs, and investment activity, offering insights into how businesses are navigating challenges and capitalizing on opportunities.
Key Findings from 2024
• Revenue Growth Amid Rising Costs – 65% of businesses raised room rates to offset increasing expenses, while 57% saw higher food and beverage revenue. • Workforce Expansion with Hiring Challenges – 47% of businesses expanded their workforce in 2024, and 36% plan to hire more in 2025. However, 73% reported difficulty recruiting specialized staff such as chefs and engineers. • Investment in Infrastructure – 62% of businesses increased capital expenditures with 59% using tax incentives for renovations and 24% for new developments—investments that more than half of recipients said would not have been possible without these incentives. • Growing Source Markets – The U.S. remained the top source market for the region with strong growth from the U.K., Canada and intra-Caribbean travel. • Profitability Challenges Persist – While the industry showed strong overall performance, one-third of respondents still reported a net loss, largely due to rising operating costs. • Industry Challenges – High taxes and inflation continue to put pressure on businesses with 87% reporting rising operating costs and 52% seeing increases that outpaced inflation.
Looking Ahead to 2025 Industry sentiment remains overwhelmingly positive, with 98% of respondents confident in the sector’s trajectory. Businesses anticipate continued revenue growth, driven by strong visitor demand, continued capital expenditures to upgrade properties and destinations and ongoing investments in workforce development and destination marketing.
“The Caribbean tourism industry continues to show incredible resilience and adaptability,” said CHTA CEO Vanessa Ledesma. “Even with rising costs and global uncertainties, the region remains one of the world’s top travel destinations, thanks to strategic investments and a strong commitment to growth. Insights from this report will help guide CHTA’s efforts to better support our members, strengthen the industry, and ensure continued success for hospitality and tourism professionals across the Caribbean.”
The annual survey has been conducted since 2014, providing CHTA, national hotel and tourism associations, governments, and tourism stakeholders with insights and benchmarks to help gauge their progress and guide decision-making.
Image Credit: © Skybluesrich
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