Economic Health of Key Countires

Visitor Origins

The majority of visitors to the Bahamas come from the following regions

• United States: Approximately 81.6% of visitors.

• Canada: Around 7.4% of visitors.

• Europe: About 6.6% of visitors.

• Caribbean: Approximately 1.2% of visitors.

• Latin America: Around 1.9% of visitors.

• Rest of the World: About 1.3% of visitors

Visitor

%

Predicting Sales

United States

• GDP Growth: The US economy grew by 2.1% in 2023.

• Unemployment Rate: 3.7% in 2023.

• Consumer Confidence: Remains high, supporting strong spending on travel.

Canada

• GDP Growth: Grew by 1.8% in 2023.

• Unemployment Rate: 5.2% in 2023.

• Consumer Spending: Stable, with a slight increase in travel expenditures.

Europe

• GDP Growth: Grew by 1.2% in 2023.

• Unemployment Rate: 6.5% in 2023.

• Travel Trends: Shown a strong interest in long-haul destinations, including the Caribbean.

Caribbean

• Regional Growth: GDP growth of 3.5% in 2023.

• Tourism Recovery: Post-pandemic recovery has boosted regional travel and tourism.

Latin America

• GDP Growth: Grew by 2.3% in 2023.

• Unemployment Rate: 8.1% in 2023.

• Travel Expenditure: There has been a steady increase in outbound travel spending.

Key Drivers:

1. Tourist Arrivals:

. Peak Season: Mid-December to mid-April, when tourist arrivals are highest.

. Shoulder Season: Mid-April to June, with moderate tourist traffic.

. Low Season: August to November, with fewer tourists.

2. Marketing Campaigns:

. Local and International Marketing: Campaigns targeting tourists before they arrive and while

they are in the Bahamas.

. Collaborations: Partnerships with cruise lines, hotels, and tour companies to promote JEssence

products.

3. Economic Conditions:

. United States: Strong consumer confidence and low unemployment support high travel

spending.

. Canada: Stable consumer spending and moderate economic growth.

. Europe: Interest in long-haul travel despite moderate economic growth.

. Caribbean: Regional tourism recovery boosting travel.

. Latin America: Steady increase in travel expenditures.

4. Cultural Events:

. Junkanoo Festivals: Increased sales during cultural events like Junkanoo parades and festivals.

Sales Predictions by Season

Peak Season (Mid-December to Mid-April)

• Tourist Volume: 4,827,419 visitors.

• Brick-and-Mortar Store: 45% of visitors, or 2,172,339 visitors.

• Online Store: 25% of visitors, or 1,206,855 visitors.

• Conversion Rate: 5% for both stores.

. Brick-and-Mortar Customers: 108,617 customers.

. Online Customers: 60,343 customers.

• Average Spend per Customer: $50.

. Brick-and-Mortar Sales: $5,430,850.

. Online Sales: $3,017,150.

• Total Peak Season Sales: $8,448,000.

Shoulder Season (Mid-April to June)

• Tourist Volume: 1,930,968 visitors.

• Brick-and-Mortar Store: 45% of visitors, or 869,936 visitors.

• Online Store: 25% of visitors, or 482,742 visitors.

• Conversion Rate: 4% for both stores.

. Brick-and-Mortar Customers: 34,797 customers.

. Online Customers: 19,310 customers.

• Average Spend per Customer: $45.

. Brick-and-Mortar Sales: $1,565,865.

. Online Sales: $869,950.

• Total Shoulder Season Sales: $2,435,815.

Low Season (August to November)

• Tourist Volume: 2,896,451 visitors.

• Brick-and-Mortar Store: 45% of visitors = 1,303,403.

• Online Store: 25% of visitors = 724,113.

• Conversion Rate: 3% for both stores.

. Brick-and-Mortar Customers: 39,102 customers.

. Online Customers: 21,723 customers.

• Average Spend per Customer: $40.

. Brick-and-Mortar Sales: $1,564,080.

. Online Sales: $868,920.

• Total Low Season Sales: $2,433,000.

Annual Sales Projection

• Total Customers: Combining all seasons, JEssence could attract approximately 283,892 customers annually.

• Total Sales: The projected annual sales could reach $13,316,815.

Summary

• Peak Season Sales: $8,448,000

• Shoulder Season Sales: $2,435,815

• Low Season Sales: $2,433,000

• Total Annual Sales: $13,316,815