What’s the way forward?
I think it is most important that we understand how to move forward taking a multi-cultural approach. If we are to make a difference our hospitality needs to improve. We need to make a difference to those who come to Cayman – give people what they really desire and educate our people about the importance of tourism and how tourism plays a role in Cayman’s social and economic development.
We should not only look to the US for our visitors as too many countries, such as emerging markets, are also now looking at the US as a source market. We need to diversify our target markets and diversify our product to obtain better results. Countries such as Colombia, Chile and Argentina are looking to the US but they have more resources than us and a better pricing offering as their currencies are so low against the US dollar.
America is now a nation of consumers rather than producers with its capital outflow going to the likes of Asia and in particular China. We should look to Asian markets as well as Europe for future growth.