And now, the Caribbean Tourism Organization (CTO), the region’s tourism development agency, and Airbnb recently announced a landmark agreement to develop a set of policy principles and recommendations on the sharing economy for Caribbean governments and other stakeholders.
Under the agreement, both organizations will share data and studies with policymakers about the positive impact of the sharing economy in the region; identify ways to make it more inclusive; and broaden the benefits of tourism to non-traditional actors, attract new stakeholders and focus on providing amazing and unique travel and cultural experiences to visitors.
This partnership agreement will also provide to the CTO an economic analysis of Airbnb’s positive impact on local economies. By reviewing Airbnb’s aggregate data, key stakeholders will be briefed on the value of a peer-to-peer review mechanisms, at the same time Caribbean government officials and other stakeholders learn about the long term benefits of the sharing economy and home sharing in particular.
“The CTO is establishing a basis for mutual cooperation with Airbnb,” said Hugh Riley, secretary general and CEO of the CTO, in a written release. “It is important for us to examine all aspects of this important segment of the sharing economy.”
Currently, there are 41 thousand listings across the Caribbean and a typical host in the Caribbean earns roughly $3,900 per year. This agreement will also help to identify new ways to market the Caribbean as a region.