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
Throughout history, traveling both domestically and internationally has been a major aspect of American life. Whether traveling for work, vacation, or even just leisure, Americans have always been on the move. Although, from Arthur C. Brooks article, “How to Get Americans Moving Again,” it is evident that times are changing. In “How to Get Americans Moving Again,” Brooks portrays an America that has had an immense percentage decrease in the amount of Americans that domestically move between states. This decrease is due to a traveling environment that has left a vast amount of fear and uncertainty in the hearts of travelers, which has caused them to stay home. Considering the current circumstances that Americans are traveling in, which includes
The worldwide travel industry is a large and dynamic industry that has been characterized by rapid and significant change. The global economy experienced a prolonged recession during late 2008 and throughout 2009 that significantly impacted the travel industry. Although the economy appears to have stabilized or slightly improved, there is still uncertainty surrounding the timing and sustainability of a recovery. As a result, it is limited visibility into when travel industry fundamentals will fully recover.
Journal of Travel Research, January 2014; vol. 53, 1: pp. 12-25. first published on April 1, 2013
1.2 Problem Formulation In the problem formulation part of my report I would describe the overall situation of the U.K Tourism industry. The service concept of “Simply Travel” will give us information about the services provided by the company. I will find out about the customers, competitors of the company. I will find out what political, economical, social and technological factors affecting the company and its demand situation.
For the introduction, brief information regarding my purchase and the travel and tourism industry is presented. It was then followed by the explanation of the 2 chosen theories from two different chapters.
Macro-environment analysis: Opportunities and Threats PESTLE Analysis Market Analysis The overall industry saw a strong boom rate from 2010-2014. The global hotels & motels industry had total revenues of $677.1bn in 2014, representing a compound annual growth rate (CAGR) of 4.6% between 2010 and 2014. In comparison, the Asia-Pacific and US industries grew at CAGRs of 6.6% and 5% respectively, over the same period, to reach respective values of $163.7bn and $166.2bn in 2014 (Global Hotels & Motels 7). The reason for this growth is due to the Asia-Pacific Region and the Americas.
VFR travel is segmented into distinct subgroups based on activities the participants engage in while on vacation (Moscardo et al., 2000). Moscardo et al., (2000) proposed an initial typology of VFR travel in studying the relationship between the differentiating factors and VFR travel behavior patterns. The model identified five factors for differentiating the VFR market: (a) sector (the distinction between VFR as a travel activity and as a trip type or motive), (b) scope (the distinction between domestic and international VFR travel), (c) effort (short-haul versus long-haul VFR trips), (d) accommodation used (staying with friends and relatives versus staying in commercial accommodation), and (e) focus of visit (VFs, VRs, or VFVRs). In the current study, the researcher hopes to prove the relationship between activity and motive (Moscardo et al., 2000; Pennington-Gray,
New Zealand visitor arrivals numbered 3.20 million in February 2016, 10% higher than 2015. Australia is New Zealand 's largest inbound tourism market with arrivals of 1,344,864 from year ending February 2016. The Australian market provides over 470,000 holiday visitors per year which generated a total of five million plus holiday stays. China is New Zealand 's second largest visitor market with a total of 368,256 year ending February 2016. United Kingdom is our third largest visitor market
Travel has increased throughout the years. According to World Tourism Organization travel has increased by 5% in 2013 with 1,087 million people traveling. This is an additional 52 million international travels from the previous year. This increase in travel has brought a very positive impact on many economies around the world and is predicted to continue to do so in the following years. In 2014 UNWTO believes international travel will continue to grow up to 4-4.5%. Throughout the world the places most influenced by the demand for tourism are Asia and the pacific, Africa, and Europe (World Tourism Organization UNWTO). This increase in travel has shown that more people have decided to immerse themselves into new experiences and cultures, and that travel companies believe that more and more people will begin and continue to travel.
Traveling is part of the human experience; people have been traveling since the beginning of time. However, the reasons for traveling have changed over time. If initially the human traveling was influenced by the primary needs and necessities, it eventually evolved to where all individuals, not only the ones in higher classes, travel for pleasure. In recent years, many people are describing themselves on social media as world travelers. They have nice crafted social media profiles with beautiful pictures from the places they travel too. Numerous of this people are millennials, who make a priority of taking few trips every year. However, there is something different about their trips, from the reason for traveling,
This essay is the respond to the Local Council Member who has wrong idea about a common archetype of adventure tourist. This misconception based on ignorance of current tourism industry, could potentially be a dangerous for local economy and development. The local authority must be well informed about present conditions with the tourism market, before they will make a far reaching decisions about the development direction in this industry. Currently, there are many organisations whose monitoring an international tourism business and this knowledge supposed to be good use for our common good.
In recent years, business tourism has become increasingly prevalent and prevailing in the tourism industry. There are large quantities of significant changes which have far-reaching implications for all consumers and suppliers of business travel such as consumption patterns, great developments in transport and communications technology, and the world´s political and economic changes related to tourism industry. All these developments have brought large effects on business travel as well as the main challenges to this sector for the coming years. Every day, tens of thousands of people are beginning or ending their business trips all around the world, while numerous conferences or exhibitions are being held globally, so business tourism is a
The tourism industry is one that can be explored from many different avenues. However, it cannot exist without transportation. In order for tourism to be possible, people must be able to move from place to place that is not in walking distance. This industry is more than 2,000 years old and it began with the Greeks and the Romans (Watson). Over the years, the tourism industry has evolved greatly, from the ways earlier people travelled, where and what they did, to what modern people do today. This paper seeks to provide historical and current information about how travel and the tourism industry has developed and evolved over the years.
The negative impacts that tourism creates can destroy the environment and all of its resources which it depends of for survival. Tourism has the prospective to create and bring useful effects on to the environment by donation the environmental protection conservation.
There is nothing quite like traveling, going someplace new and finding out more about the world and yourself. Anyone can become a traveler it just takes a little bit of faith and courage. Traveling across the world or even across the country is a learning experience. When you are a traveler you see how people live and how different cultures work. It is the best educational experience you could give yourself. You see how the world works in a way no one can teach you. Seeing different cultures and people help build the person you want to be. If you are a traveler the world influences you, because when traveling, you see the good and the bad, and you learn from the right and the wrong. I am very lucky that I am able to be a traveler and see this