Previously on our last Money Moves episode we revealed some data that by 2025 , Millennials are expected to account for three- quarters of the global workforce, so what does this mean for the tourism industry? Joining me now to discuss why the tourism industry should start catering to the millennium consumer, we have Tourism Minister, Edmund Bartlett
Small and medium-sized businesses in the tourism industry can access up to $25 million through EXIM Bank’s Small and Medium-sized Tourism Enterprises (SMTE) loan.
The special loan facility which was crafted by the Tourism Enhancement Fund, provides funding to businesses at an interest rate of 4.5% per annum with up to seven years to repay.
In order to qualify for the loan businesses must fall into one of several categories of tourism service providers including; small accommodations providers, attractions such as domestic tours, bike and car rentals, coffee shops and restaurants, shopping and galleries, sports and entertainment.
The businesses must have also been in operation for at least two years to qualify for funding and prove that they provide goods or services to the tourism sector and that 25% of their revenues are generated from services to the sector.
The Bank noted that the funds can be used to help businesses that are still dealing with the ramifications of the COVID-19 pandemic.
To that end, Minister of Tourism, Edmund Bartlett said that businesses within the industry must begin to access the demography of new visitors.
Speaking on MoneyMovesJa with Kalilah Reynolds, Bartlett noted that there has been a noticeable shift in the demography of visitors coming to the island.
He also noted that businesses, in particular hotels, have to start targeting new markets outside of the traditional North America and United Kingdom markets.
Referring to continued speculation that the United States could be heading towards a recession, Bartlett said that advertising in markets that are not facing such dire economic outlooks is one way to ensure that the business stays a float.
“You have to look at who are the people that will be travelling. Where are they? Are you reaching them? What’s your marketing like in these areas?” the Minister explained.
He also noted that businesses have to focus on creating the best value for visitors to entice them to the island and to their particular service.
According to Bartlett, the Ministry has already started the process of collecting and analysing data about what tourists who come to the island are looking for and what they enjoy most.
He said so far the data has shown that tourists gravitate towards countries that have done better during the COVID-19 pandemic, they also flock to less dense accommodations such as villas, and also want immersive experiences.
“When you look at that and say fine, this is the profile of the market, that’s when you can come back and build a product,” he added.
The Minister noted that while the global economic outlook is “not rosy” he believes that the industry is making changes and adapting quickly to continue attracting visitors to the island.
Visit EXIM Bank’s Business Advisory Service at:
https://eximbankja.com
