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Bahamas urged to tap into emerging economies’ tourism markets

The wealth being produced by emerging economies is producing a more discerning type of tourist, one that pays more attention to quality of service than to expense, according to Julius Baer chief economist. This, he says, is something on which The Bahamas should capitalize. 

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TheBahamasInvestor.com
Monday, April 23, 2012
Monday, April 23, 2012

Emerging markets present an opportunity–not just for the financial services sector, but also for the Bahamas’ tourism industry, according to Julius Baer chief economist Janwillem Acket.

The Swiss economist predicts that the fastest growing economies in 2013 will be those in Asia, Latin America and Africa and says targeting wealthy tourists from these areas could significantly boost the Bahamian tourism sector.


According to Acket, Asia has a high concentration of high-net-worth individuals (HNWIs) who prioritize luxury, regardless of the expense. “In terms of tourism, if you concentrate on a niche of HNWIs, who do not bother about exchange rates, but do bother about the quality of the destination, you have a very interesting client group,” he said. “The Asian tourist has a lot of cash. The Asian tourist is going to be the one to target.”

“If you can establish an image of high quality, of uniqueness, you could develop this market and be very attractive to those groups.”

Acket says the local lifestyle is a key factor in luring tourists from developing economies.

“The Bahamas should define itself in a very clear way. The Bahamas has this aura of being something special. It has created an image that is unique. You should build on that.”

“It is going to be very important that The Bahamas capitalizes on the momentum of the dynamic emerging economies; that you can plug into those growth drivers and channel clientele to your shores in terms of tourism and financial services.”

cmorris@dupuch.com

Shaun Ingraham, president of the One Eleuthera development project, explains how the $10-million, three-year initiative is designed to create a strategic development plan for the island including arts, culture and tourism. Watch the full interview here.

BPC (LON: BPC) has been in the limelight this morning as shares surge on London Stock Exchange, rising eight per cent to claw back some of Friday's losses.

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