Tourism is the movement of people from their native place of residence to another environment for leisure or business without any remuneration generating activity for less than a consecutive year. The tourism industry consists of many sub-industries that provides goods and services to people during their travels. More broadly, travel and tourism impacts sectors such as transportation, hospitality and entertainment industries.
Tourism Opportunities
The tourism industry plays a substantial role in supporting economic growth and development. The growth of tourism can provide opportunities and challenges for countries globally. Developing countries often aim to develop their tourism industry for economic growth, as well as to promote cultural values and heritage globally. External benefits of tourism promotion can also include development of infrastructure, education and social sectors.
Apps have allowed consumers to book directly, lowering travel costs. By being able to compare prices on many websites, customers can gain different experiences. Travel companies have built ecosystems and scale, expanding beyond core services to provide full travel experiences.
The Sharing Economy
The Sharing Economy has opened millions of peoples’ homes to the outside world. Hosts can earn revenue, while tourists can gain a more local experience.
Tourism Challenges
Oil prices impact a variety of factors such as airline fees and travelers’ disposable income and destination choices. Natural disasters have the opportunity to destroy sceneries and holiday destinations. Other environmental issues such as climate change has the potential to impact a variety of ski and coastal resorts.
Online Travel Services
In recent years, online travel resources and services have become a major driving force in tourism. Digital Disruption has allowed consumers to book directly with travel companies, driving down prices and removing intermediaries. As the use of electronic devices like notebooks, smart phones and tables has risen, travel websites and apps help travelers to select plan arrangements and check flight and travel status. Online reviews, flight scheduling and ratings of various places and services are increasingly gaining currency worldwide.
From well organized trips with cruise liners in the Mediterranean Sea to adventurous backpacking tours through the jungle of Madagascar or Papua New Guinea, new opportunities are emerging globally.
Tourism Market Research
Tourism research allows companies to understand what motivates customers to purchase. Qualitative Research examines customer motivations and preferences. Quantitative Research provides data and measurement on pricing, willingness to pay and behavior. Strategy Research provides competitive insights to differentiate your brand, boost your profits and to adapt to changes.
