TRINIDAD CARNIVAL: FESTIVAL TOURISM AND CULTURAL INDUSTRY

The Trinidad Carnival is one of the most well-known festivals in the Americas along with the famous Rio Carnival in Brazil and the Mardi Gras in New Orleans. The value of the Trinidad Carnival in terms of its artistic excellence and affirmation of cultural identity are well documented. However, the economic contribution of the festival has received less than due attention. This article analyses the economic impact of the Trinidad Carnival on the tourism and cultural industries as well as on the wider economy. It involves an evaluation of the direct economic contribution of the festival's foreign exchange earnings and export of goods and services in sectors such as the hotel, airline, and cultural industries. The analysis will specifically look at tourist arrivals, visitor expenditures, and hotel occupancy rates. It uses the findings of visitor exit surveys for a 5-year period to estimate the contribution of visitor expenditures. The economic impact assessment involves a cost—benefit evaluation and an analysis of the division of costs and surpluses.