Commentary: Tourism Matters: Bridging currency disparity
By Adrian Loveridge
As we enter the long eight-month summer period, I would imagine that our tourism planners have increased their focus on how to maintain both visitor arrival numbers, duration of stay and equally importantly, the average spend.
As the chairman of the main trade association recently pointed out, our British visitors are increasingly looking for value-for-money, after the fall in the value of sterling when compared to the US dollar with many seriously considering alternative destinations outside of the Caribbean where their pounds can purchase a holiday without a fall in standards and expectations.
|Adrian Loveridge has spent 46 years in the tourism industry across 67 countries, as a travel agent, tour director, tour operator and for the last 24 years as a small hotel owner on Barbados. He served as a director of the Barbados Hotel and Tourism Association, and as chairman of the Marketing Committee. He also served as a director of the Barbados Tourism Authority and is a frequent writer on tourism|
Personally I believe there is a lot more we can do to bridge the currency disparity by looking at creative ways to soften the higher component costs that make up the total vacation.
Specifically in the case of the United Kingdom, I have advocated over the years, sadly so far without success, that we as a destination can intervene to a greater extent by partnering with entities like trains, airport parking and overnight accommodation. The negotiated savings would be passed on to the customer, helping to bring down the cost of the overall experience to become more affordable.
Locally, our manufacturers and distributors also can step up to source and supply products that relate in price to what our visitors pay in their home countries. Of course we are a small island, which results in importing far too much with all the associated add-ons and costs, but it’s often incomprehensible trying to justify the margins.
As an example someone has to explain to me why an identical size and brand of yogurt costs around £1 in a British Tesco’s, yet is on sale here between BB$12-14 (£4.79 – £5.59)
In July, Barbados will host the first Carib Food and Hospitality show and already a number of overseas suppliers have registered to exhibit with the objective of growing their market here and throughout the region.
Hopefully there will be a substantial, locally based presence too and while a handful of companies are proactive, the overwhelming preponderance often appear to be rather complacent and appear to be happier assuming an order-taking role rather that actively going out there looking for increased business.
We are truly blessed with our diverse choice of restaurants and eating places and this is one of our main marketing tools.
While our larger suppliers will not baulk at the charges associated with exhibiting at this event, our smaller manufacturers should not be disadvantaged by cost. So hopefully organisations like the Small Business Association, Barbados Agricultural Marketing, Chamber of Commerce, Tourism Development Corporation together with others, will work together to offer shared stand space to enable even the tiny businesses to highlight their products.
Also bearing in mind the foreign exchange it brings to the destination, the Caribbean Tourism Organisation could partner with Caribbean Export Development Agency and jointly sponsor small business stands for each participating regional territory, where the exhibiting expenses could be spread across a number of partners.
Maybe it is also an event that the Barbados Tourism Product Authority should become involved, in as it’s a wonderful opportunity to highlight items made and sold locally.