Mastercard research report reveal summer visitors to the Caribbean will spend more on experiences

The latest global travel industry findings from the Mastercard Economics Institute indicate that travelers to Jamaica and some Latin American countries continue to prioritize unique vacation experiences.

The study, released on 20 June 2023, notes that the continued interest in experiences over things among visitors to the Caribbean and Latin American region may potentially be influenced by videos and photos shared on social media by tourists who have visited the region in the early post-covid period.

Spending on experiences has also increased among tourists to Caribbean countries such as Jamaica, Barbados, Bahamas and Aruba, and Latin American countries such as Costa Rica, Mexico, El Salvador, and Guatemala.

The global travel trends study further reveals insights into a growing preference for leisure travel among tourists to the Caribbean. 

"Leisure travel remains robust in the markets measured in the Caribbean compared to pre-pandemic levels –flight bookings in the Dominican Republic ( 221.4%), Jamaica ( 128.7%), and Puerto Rico ( 115.7%)."

A comparative analysis of March 2022 and March 2023 business reports has indicated increases in business travel and entertainment spending within the region.

Speaking on these latest travel insights, Mastercard chief economist and head of the Mastercard Economics Institute Bricklin Dwyer said, “In the first full year of unfettered travel since the pandemic, consumers are acting on pent-up desire to explore new locales, connect with friends and family, and accumulate experiences to make up for lost time.”

Mastercard urges companies within the global travel industry to use these key shifts in travel expectations to inform marketing solutions that will maximize bookings and build brand loyalty for tourism products.