By 2024, tourism will contribute more than $200 billion to the gross domestic product (GDP) of Latin America and the Caribbean (LAC), according to Senior Vice President and Managing Director of Ipsos Travel Dave Pierzchala.
He said that in 2008, tourism contributed $100 billion to LAC GDP; in 2014, the number is $142 billion, and the expectation is that by 2024, it will be $200 billion-plus.
Pierzchala spoke at the 2014 Shared Ownership Investment Conference, and focused his remarks on the international leisure market, particularly the Caribbean & Latin America.
He noted that so far for 2014, the Caribbean has seen an average growth rate of 5.2 percent in tourist arrivals. The region remains the number one cruise destination, largely dominated by U.S and Canada passengers.
While Grenada has the highest increase in tourist arrivals, Pierzchala pointed out that the Dominican Republic and Cuba account for 48 percent of the entire arrivals of tourists. Jamaica maintains a slow growth rate, although huge Spanish investments have been made in the hotel industry.
Survey Results
Pierzchala shared some interesting survey results, notably on what motivates people from different regions to travel. North Americans travel, Ipsos' survey shows, to strengthen relations with close ones. Latin Americans travel to meet new people, while Africans travel to feel special and pampered. Europeans travel to brag about enviable experiences: Middle Easterners, to go away to experience local life; Asians to fall for exhilarating experiences, and Australasians (Australia, Pacific Islanders etc.), to seek out memorable moments.
He also drew results from a joint survey conducted by Ipsos and TripAdvisor, which found, for example, that travelers are nine times more likely to crave unique experiences than just a relaxing and pampering vacation.
More interesting tidbits from the Ipsos/TripAdvisor study: 38 percent of global travelers expand their diets from their travels, and so-called "millennials" and retirees align on seven out of eight travel motivations. The one difference - millennials crave excitement.

Click here to read more at The Nassau Guardian