Most of us, of course, warmly welcome the current fall in fuel prices which probably in the hospitality sector be demonstrated by the greatest savings in electricity prices, especially those properties who have extensive air conditioning units.
But almost needlessly to say, that Government will collect a lower level of taxes and VAT, so it’s a two edged sword.
I also wonder how long it will take our limited number of distribution companies to pass on the benefit of reduced delivery costs as a result of cheaper petrol and diesel prices. Assuming of course, they will pass on the benefits at all.
Experts in the aviation industry do not expect any dramatic reduction in airfares and again it may work initially against the consumer’s interest while used aircraft values rise as fuel falls, slowing down the delivery of newer most fuel-efficient aircraft in some cases.
Across our major tourism markets the halving of oil prices will hopefully give people more disposable income, perhaps most notably in the United Kingdom, where we have witnessed a recent significant fall in the value of Sterling against the US Dollar.
The Key to Success for Barbados tourism
Judging by the unprecedented level of email holiday bargains on offer in the UK I have tracked, there is absolutely no room for complacency this year and particularly in the more challenging softer summer months. Key to the success of this will be to portray the destination as offering real value-for-money. And I do not mean attempting to achieve the almost impossible objective by making everything cheaper, but ensuring that every product offering is as good as we can get it and going that extra mile to make visitors feel rightly special. Continue reading