Travel, leisure and tourism
Overview
Overview
According to the World Travel and Tourism Council, there is no region in the world more dependent on tourism than the Caribbean. For most countries in the region, including TCI, tourism is by far the most important industry for their economy , and for some, it is an industry on which they are almost entirely dependent.
The Caribbean tourism industry is an incredibly resilient industry. We have seen recoveries from region-specific catastrophic events such as hurricanes Irma, Maria and Dorian, which were all Category 5 hurricanes. The industry has also rebounded swiftly from other catastrophic events such as 9/11, SARS, and the 2008 financial crisis.
The COVID pandemic was the most catastrophic event of all. Despite losing 10% of its collective GDP in 2020, the Caribbean tourism industry has enjoyed the best post-pandemic recovery globally and shows no signs of stopping. In 2023, international arrival figures were nearly the same as in 2019, compared to Europe and Asia whose tourist numbers were still c.25% and c.50% lower respectively. The first half of 2024 has seen international arrivals continue to increase by up to 27% in some Caribbean countries compared to the equivalent period in 2023 and tourist numbers are now higher than pre pandemic levels.
There is undoubtedly a new tourism landscape since the pandemic. As people have re-evaluated what is important to them post COVID, travel has generally jumped up their list of priorities with a preference for locations that are well connected, sustainability-focused, deemed safe and are visited by fewer tourists. The Caribbean is an obvious destination choice, particularly for those based in North America, Canada and Latin America.
To take advantage of this increased demand, it is imperative that industry players, both public and private, recognize this change and take the necessary steps to adapt to the new landscape by investing appropriately and remaining open and flexible to change.
We are your travel, leisure and tourism experts in the Caribbean
At Baker Tilly TCI, we pride ourselves on being TLT experts and trusted thought leaders in this space for the Caribbean, the most important industry in the region. We have long-standing relationships with the region’s TLT leaders and key stakeholders meaning we are constantly learning and procuring knowledge and insights to bring about a better understanding of existing and future trends.
Since 2009, we have produced our Caribbean Hospitality Financing Survey report on an annual basis, the only report of its kind, which solicits the current views of those in the financing community that lend to, or invest in, Caribbean tourism projects. We have also designed a groundbreaking tourism-centric data and analytics (D&A) tool to deliver actionable insights to industry players, such as ROI on marketing budgets and customer lifetime value.
Baker Tilly provides audit and advisory services to both private and public sector TLT clients in TCI and across the Caribbean region. Our services include, but are not restricted to, the following:
- Transaction services including the identification of market opportunities for resorts and investors
- Transactional assistance - from deal structuring and capital placement to purchaser and vendor due diligence and execution
- Support with raising debt and equity
- Feasibility studies for all types of project development opportunities from public/private partnerships to corporate sponsorship strategies
- Economic impact studies
- Social and cultural studies
- Strategy and business planning assistance
- Management advice for ongoing operations
- Management and branding strategies, and development of standard operating procedures
- Tourism master plans
