Caribbean Spa & Wellness Sector Strategy presentation

Caribbean Spa & Wellness Road Show Promoting Trade and Investment Globally

Road Show Objectives • Present Sector Strategy and Quality Assurance Measures (Standards) to national stakeholders • Secure agreement from national policy makers & trade support institutions to prioritize sector for export enhancement • Convene a National Committee to be tasked with implementing the Strategy

• Discuss mechanisms for integrating national sector objectives into regional strategy • Secure feedback from all stakeholders

Background to Project Funded by UK-AID through the CDB under CARTFund facility and managed by Caribbean Export 3 Components: - Market Research and Strategy Development - Marketing and Promotion of the Region’s H&W product - Standards Development

Sector Overview - Rapidly expanding multi-billion dollar market (spa and wellness part of broader health and wellness sector) - Caribbean’s potential valued at US$180 million annually - CARIFORUM’s product offering relatively underdeveloped & is not a priority export sector

- CARIFORUM faces challenges of insufficient scale and lack of Caribbean brand and identity - Thailand, India, USA, Europe (competitors)

CARIFORUM Sector Profile  Small establishments (< 5 staff and < 5 treatment rooms)  Many spas in operation less than ten years  Lack of certified industry professionals (or certification lacks international accreditation)  No official standards exist for most of the region

 Ideal climate and environmental factors  Relatively easy access to Caribbean with vibrant tourism industry

Challenges - Insufficient scale and uneven quality: different levels and quality of services; most spas don’t operate in purpose built facilities - Lack of Caribbean spa and wellness brand and identity: nothing to differentiate the Caribbean spa experience from that anywhere else; many spas are ‘informal’; no or very little use of indigenous products and treatments - Sector prioritized for export enhancement and attracts very little investments coupled with poor access to finance

Vision:

By 2030 the Caribbean will be recognized as a global leader in the Spa and Wellness industry, with the sector creating meaningful livelihoods and opportunities for economic advancement of its peoples!

Strategic Goals/Objectives • To build an identifiable S&W brand using the natural resources of the region • To develop a range of unique Caribbean S&W products, services and experiences to support the brand • To develop a cadre of trained professionals to deliver exceptions Caribbean S&W products, services and experiences • To develop and strengthen the institutions needed to serve Caribbean S&W stakeholders and market the brand globally

Strategic Goals (2) • To increase public and private sector investment into the Caribbean S&W sector • To ensure that the regional and national policy framework supports and encourages the expansion of the S&W sector • To diversify the Caribbean tourism sector and expand the local market for S&W services

Strategy - Designed to guide interventions in sector during the period of sector organization and brand development - Will contribute to development of regional brand anchored in â&#x20AC;&#x153;quality products and services reflecting unique Caribbean resources and cultural heritageâ&#x20AC;?

- 5 year period of implementation

Pillar 1 – Policy Development • Policy & Regulatory Framework

• Implementation of Regional Standards • Advocacy

• International Accreditation

Pillar 2 – Capacity Building • Training

• Organizational Development & Strengthening

Pillar 3 - Marketing • Articulation of Unique Selling Proposition

• Development of Caribbean Brand • Brand Positioning

• Looking at Target Markets and Access to those Markets • Marketing Partnerships

• Promotions and Campaign

Pillar 4 â&#x20AC;&#x201C; Product Improvement Products classified as:

Category 1: are [CSWA] compliant and as such are recommended for immediate marketing and promotion.

Category 2: are not [CSWA] compliant, however, they only require minor improvements to be [CSWA] compliant.

Category 3: are not [CSWA] compliant, however, they require major improvements to be [CSWA] compliant.

Pillar 5 – Resource Mobilization • Donor Coordination • Developing Effective Public-Private Partnerships and mechanisms (PPD mechanisms)

Implementation Mechanisms Implementation will be coordinated at two levels: regional and national Regional:

Implementation (2)

National Level Coordination