WILLEMSTAD – Curaçao's booming tourism industry is generating billions of dollars in economic activity, but more than half of the money spent by tourists does not remain in the local economy, according to the new Tourism Carrying Capacity Study.
The report estimates that approximately 58 percent of tourism expenditure "leaks" out of Curaçao.
The money leaves the local economy through foreign-owned companies, imported products and external supply chains rather than continuing to circulate among local businesses and households.
The finding raises questions about whether Curaçao is receiving enough economic benefit from the enormous pressure that rapid tourism expansion is placing on its infrastructure, environment and communities.
According to the study, tourism's overall economic footprint increased from approximately $1.8 billion in 2019 to $2.7 billion in 2024, while stayover arrivals increased by 50 percent over the same period.
However, the researchers conclude that tourism growth is not translating into local wealth at the same pace.
Visitor spending also remains below regional averages.
In 2024, stayover tourists on Curaçao spent an average of $231 per day, compared with a regional average of $242.
The difference is considerably greater among cruise passengers. Cruise tourists spent an average of $78 per day on Curaçao, compared with a regional average of $105.
At the same time, the supply of tourism accommodations has increased sharply. The report says accommodation supply expanded by 81 percent between 2019 and 2024, outpacing the ability of infrastructure to support that growth.
The tourism industry is also becoming increasingly dependent on foreign workers, according to the researchers, adding further pressure to housing, roads and public services.
The result, according to the study, is an increasingly difficult equation: pressure on Curaçao's systems is growing faster than the local economic returns that are supposed to justify that pressure.
Residents experience those consequences through congestion, higher housing costs and a growing perception that parts of Curaçao are increasingly being shaped around visitors rather than the people who live on the island.
The study therefore recommends shifting away from a tourism strategy driven primarily by visitor volume toward a model emphasizing greater value.
Among the proposed measures is strengthening local supply chains so that a larger share of tourism expenditure remains within Curaçao's economy.
Researchers also recommend a national tourism workforce strategy emphasizing local employment and skills development while reducing reliance on external labor.
Government fiscal and investment incentives should also be aligned with a higher-value and more sustainable tourism model.
Housing and community pressures associated with tourism development must be addressed simultaneously, according to the report.
The findings suggest that Curaçao's tourism debate can no longer revolve exclusively around record arrival numbers.
The central economic question is increasingly how much value each visitor generates for Curaçao, how much of that money remains on the island and whether those benefits compensate for the pressure tourism places on public infrastructure, housing and the environment.