European Parliament Library

Revisiting Tourism Flows to the Caribbean :, What is Driving Arrivals?, Nicole Laframboise, Nkunde Mwase, Joonkyu Park, Yingke Zhou

The Caribbean share of the global tourism market has been declining. This study examines what is driving tourism flows. It estimates the determinants of tourism and explores variations based on sample differences, and also constructs a static nominal price comparison index. The paper finds that: (i) tourism arrivals and expenditure are sensitive to both price and income factors in source markets; (ii) price and income elasticities of tourism have declined since 2008; (iii) price elasticity is statistically insignificant for “high-end” destinations; and (iv) the nominal cost of an average one week beach holiday in the Caribbean is higher than in other beach destinations around the world. These results point to the need for structural reforms to raise product quality, cost reduction or containment in “low-end” destinations, including possibly via exchange rates, and an adjustment in aggregate consumption to adapt to the implications of a lower contribution to GDP from tourism
Table Of Contents
Cover; Abstract; Table of Contents; I. Introduction; II. Literature Review; III. Tourism Performance in Recent Years; Figures; 1. Tourism Growth in the Caribbean; 2. Tourism Market Share Change from 2007 to 2013; 3. Tourism Growth in Selected Countries, Economic Performance in Key Source Markets; 4. Change in Source Market Composition; 5. Selected Supply Side Indicators; IV. Determinants of Tourism Arrivals and Expenditure; A. Data; B. Estimation Strategy; 6. Natural Disasters and Tourist Arrivals; C. Empirical Results; Tables; 1. Determinants of Tourism Arrivals and Expenditures
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (28 p.)
Specific Material Designation
Form Of Item

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