Source: Date: Updated: |
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