The Caribbean tourism sector has once again demonstrated its strength and adaptability, closing 2024 with growth in revenue, market expansion, and high levels of investment. This is revealed in the annual Caribbean Tourism Industry Performance & 2025 Outlook Report, published by the Caribbean Hotel & Tourism Association (CHTA). Despite challenges such as rising operational costs and a shortage of specialized personnel, most companies in the sector managed to achieve profits, reflecting a climate of confidence and resilience.

Key Results for 2024

📌 Revenue Growth Despite Rising Costs: 65% of businesses raised their room rates to offset the increase in expenses, while 57% reported higher food and beverage revenues.

📌 Workforce Expansion with Recruitment Challenges: 47% of companies increased their staff in 2024, and 36% plan to do so in 2025. However, 73% face difficulties recruiting specialized professionals such as chefs and engineers.

📌 Strong Investment in Infrastructure: 62% of companies increased their capital spending, with 59% taking advantage of tax incentives for renovations and 24% investing in new developments.

📌 Expansion of Source Markets: The United States remains the top market for the Caribbean, with notable growth in visitors from the United Kingdom, Canada, and travel within the region itself.

📌 Profitability Challenges: Although overall performance was solid, one-third of companies reported net losses, mainly due to rising operational costs.

📌 Sector Challenges: High taxes and inflation continue to affect businesses, with 87% reporting an increase in operational costs and 52% stating that these increases surpass inflation.

Outlook for 2025

Despite global and economic challenges, the Caribbean tourism sector looks to the future with optimism. According to the report, 98% of respondents are confident in the positive trajectory of the industry, driven by strong visitor demand, continued investments to modernize properties and destinations, and the development of marketing strategies and staff training.

CHTA Executive Director Vanessa Ledesma highlighted the sector's resilience: "The Caribbean tourism industry continues to demonstrate incredible resilience and adaptability. Despite rising costs and global uncertainties, the region remains one of the most attractive destinations in the world, thanks to strategic investments and a firm commitment to growth. The findings from this report will allow us to strengthen our support for CHTA members and ensure the continued success of tourism and hospitality in the Caribbean."

Since 2014, this annual report has become a key tool for decision-making by tourism associations, governments, and sector entrepreneurs, providing essential data to assess progress and define development strategies in the region.