what is your understanding of the trend in tourism in other countries.
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Answer:
In its broadest sense, tourism is defined as the collection of activities engaged in by visitors to a destination that is located outside of their usual environment. The reasons for a visitor’s travel may consist of those activities most traditionally thought of as tourism-related, such as leisure, a vacation, or visiting friends and relatives, but they may also encompass employment-related travel, attending a convention or conference, or other business reasons. The tourism industry, therefore, can be defined as consisting of any establishments that cater to visitors and directly benefit from visitor expenditure. The Bureau of Economic Analysis divides visitor spending into four main categories:
Recreation, Entertainment, and Shopping – performing arts, museums, sporting events, casinos, other visitor attractions, souvenirs and other retail purchases
Accommodations – hotels, motels, resorts, guest houses, RV parks, campgrounds
Food Services – quick and full service eating establishments, coffee shops, bars
Transportation – air, ground, and water travel; car rental; fuel; parking
Industry Performance
Tourism expenditures in the U.S. reached $1 trillion in 2015, achieving average annual inflation-adjusted growth of 4.3 percent over the last five years. Declining unemployment, increased disposable income, and growing consumer sentiment have contributed to an increase in U.S. travel by both domestic and international travelers. In 2013, the sector surpassed the revenues earned during 2007, its pre-recession peak, and has continued on an upward trajectory. IBISWorld industry analysts forecast 2.9 percent average annual revenue growth over the next five years, driven by increased travel rates, especially by international visitors from East Asia and South America. While domestic travel will increase by 1.6 percent per year, international travel to the U.S. will swell to 4.2 percent as residents of countries such as South Korea, China, Brazil, and Argentina experience upticks in disposable income.
Essentially all major sub-industries within travel and tourism are projected to experience revenue growth over the next five years. Hotels and motels, which raked in $167 billion in revenue in 2015, are expected to see strong growth, especially in specialty categories such as extended-stay accommodations, boutique hotels, spa and health retreats, and resorts, as consumers seek out unique experiences. Collectively, U.S. foreign and domestic airlines account for $223 billion in revenues and will also experience growth as demand for travel rises in tandem with growing discretionary spending. Domestic airlines will see more robust revenue growth as industry consolidation has lowered price competition, while international carriers may experience downward pressure on prices and revenue due to foreign competition.
While travel agencies, including major web-based players Expedia and Priceline.com, have seen healthy growth in recent years, this trend may start to slow as consumers become more comfortable booking their own travel on easy-to-use metasearch platforms such as KAYAK. Growth in this industry will slow from 3.8 percent to 2.3 percent per year. Tour operators will experience a similar slowdown—from 3.2 percent to 2.4 percent—as travelers turn to freely available trip planning resources.
The following table summarizes past and projected revenue growth for a variety of industries that primarily cater to the travel and tourism market.
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