Welcome to Diaspora Power and Potential pt2, a podcast series that explores the diverse and dynamic contributions of the Trinidad and Tobago Diaspora. In this episode, we examine how Diaspora spending creates a vibrant and resilient economic tapestry in our homeland.
Diversity in Diaspora Contributions:
The Trinidad and Tobago Diaspora is a rich source of economic support for our country. One of the most visible examples is Carnival, our world-famous festival of culture and creativity. Every year, thousands of Diaspora visitors come to enjoy the festivities and spend generously on various goods and services. However, the government’s surveys only capture a fraction of the true impact of Diaspora spending.
Diaspora spending is not only diverse, but also innovative. For instance, in 2023, a Trini American organized a five-day cruise ship stay during Carnival, bringing over 1500 passengers who pre-paid for costumes, parties, and more. This was a new way of experiencing Carnival and generating revenue for the local economy.
Beyond Carnival:
Expanding Horizons: Diaspora spending goes beyond Carnival and covers a wide range of sectors, such as transportation, hospitality, dining, and souvenirs. Moreover, Diaspora visitors often buy nostalgia goods, which are items that remind them of their homeland and culture. These can include food, music, art, and clothing. The average spending on nostalgia goods is between 300 and 500 US dollars per person per visit.
Community Impact:
Diaspora spending also has a significant impact on the communities in Trinidad and Tobago. For example, the Point Fortin Boro Day celebrations, which showcase the heritage and talent of the hinterland, attract over a thousand Diaspora participants every year. They inject about 5,000 TT dollars per person into the local economy, creating jobs and opportunities for the residents.
Another area where Diaspora spending makes a difference is cultural festivals. The Tobago Jazz Experience and the Paraman Parang Festival are two events that draw hundreds of Diaspora visitors, who enjoy the music and the atmosphere. These events also boost the tourism and entertainment industries in the islands.
Non-Traditional Spending Categories:
A less-known aspect of Diaspora spending is its involvement in construction-related activities. Many Diaspora individuals invest in building or renovating second homes or supporting family businesses in Trinidad and Tobago. This shows a deep connection and a long-term commitment to the development of the country.
Conclusion:
We have seen how Diaspora spending shapes the economic landscape of Trinidad and Tobago in various ways. However, this is only a glimpse of the many contributions that our Diaspora makes. In future episodes, we will explore more facets of Diaspora activities and their positive impact on our homeland.
Thank you for reading and have a wonderful day!