Essay On Travel Industry

1346 Words3 Pages

The travel industry is one of the most important and largest industries in the world. Every day, millions of people travel to short distances and long distances for leisure or business reasons. The world economy relies on traveling, and the economic success of a country highly depends on the state of the travel industry in that country. The U.S. travel industry is the biggest in the world and can be used as a demonstration of the importance of travel market for developed countries. Also, generational differences are visible and can be demonstrated by the research of the travel industry, which can be used for further research in the sociological fields. In short, the travel industry is a very complex and multi-sided field with a lot of objects …show more content…

According to the official statistics, “The U.S. travel and tourism industry generated over $1.5 trillion in economic output in 2016, supporting 7.6 million U.S. jobs. Travel and tourism exports accounted for 11 percent of all U.S. exports and a third (33 percent) of all U.S. services exports, positioning travel and tourism as the nation's largest services export. One out of every 18 Americans is employed, either directly or indirectly, in a travel or tourism-related industry. In 2016, U.S. travel and tourism output represented 2.7 percent of the gross domestic product.” ("Travel, Tourism & Hospitality Industry Spotlight | SelectUSA.gov," 2017). However, compared to the countries that are developing at an extremely fast pace, the U.S. travel industry is likely to leave the first positions but stay on the top list. China is the primary candidate for surpassing the U.S. giving the birth rate and the economic growth of the Eastern country ("Global Business Travel Spend Topped Record-Breaking $1.2 Trillion USD in 2015, Will Reach $1.6 Trillion by 2020", …show more content…

The statistics change as the younger generations are less likely to be afraid of unstable situations in countries. As it could be seen, travel industry in the world lives its most active times with Millennials being so desiring to travel for both leisure and business activities. Millennials and Generation Z’ers are the generations that require thorough attention in research and business planning in the travel industry, as their worldviews and life priorities differ from the previous generations, sometimes to the point of incompatibility of marketing techniques. The situation in the world also happened to be an influential factor in the international travel market, despite the overall growth in the field. The research has allowed observing the traveling trends in the world, allowing to notice that the U.S. no longer has the biggest business travel market in the world. Moreover, the paces at which the U.S. traveling market grows allows making predictions that the situation in the world will change through the course of the upcoming

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