Tourism has become a main component for socio- economies for many countries. From all countries in the world, tourism has generated whole countries output of US $3.5 trillion and expected to increase to US $7.0 trillion by 2015 (World Travel and Tourism Council, 2009). The World Tourism Organization (WTO) has expected that tourism industry is bright in the future as they estimate that one billions of tourists in each year will travel to other countries. Moreover, the economic potential of tourism in less developed countries has been identified as an important contributing factor to global tourism growth (Palmer 2002; Honey 1999; Ashley & Reo 1998; Mowforth & Munt 1998). In Malaysia, manufacturing has become the largest contributor to economy followed by the second contributor that is tourism sector.
INTRODUCTION Indian Hotel industry is contributing to our economy. Almost 95% of business is from domestic traveller and maximum share being of business travel accomodation. Simultaneously we have a large number of international budget hotel chain ready for a start – up in India. India government also has approved many hotel projects in the luxury segment. Travel and travel expectations of tourist have increased.
Comfort and warmth are promises of every lodging option in this town. Dining and wining facilities are among the most savored ones in hotels of Greater Noida. This is the reason why hotels of this town have restaurants and bars as an eminent facility for guests. Flavorful fare is the characteristic feature of restaurants an... ... middle of paper ... ... staged at these halls taking finest details into consideration. Business centers, boardrooms and conference halls add to the convenience of addressing your business needs in this town.
The "unity in diversity" tag attracts most tourists. The coastlines, sunny beaches, backwaters of Kerala, snow capped Himalayas and the quiescent lakes are incredible. 2. Demand-supply gap : Indian hotel industry is facing a mismatch between the demand and supply of rooms leading to higher room rates and occupancy levels. With the privilege of hosting Commonwealth Games 2010 there is more demand of rooms in five star hotels.
So, with a growing number of wealthy Indians as well as an expanding middle class, the number of Indians traveling within the country has nearly doubled in the past decades to about 450 million. It means that there is a huge domestic tourist market in India itself including business & leisure travelers. An estimated 300 million tourist trips annually are there, on average, which may also include those traveling for social & religious purpose. The industry expects a boom in tourism in the domestic sector in India, & a growth of 10% to 15% over the next few years. A growth in tourism will certainly mean a boom in hotel & restaurants & in turn focus on its service sector & the human resource manning those
This industry operates in a dynamic and changing accommodation market and competition in this industry is high with the trend steadily increasing. “The Big Three” hotel companies are relatively matched in terms of competitiveness because they dominate this industry and as a result face little competition from other firms outside of “The Big Three”. Because these three companies dominate the industry primarily and face little competition from other firms... ... middle of paper ... ...cline during the recession caused significant discounts on room rates in an attempt to maintain cash flows which caused a 35% dip in operating profits. However because the demand for all forms of travel has increased, Hilton’s revenue is steadily on the rise. Because it is projected that the unemployment rate will decrease over the next 5 years, consumers will have more money so spend freely on recreational activities such as traveling (IBISWorld,2013).
Best hotels to stay in Hong Kong for your budget holidays Hong Kong, the city that delights everyone is known for its magnificent malls, serene beaches, breath taking mountains, noisy street and lots of exotic cuisine. It completely defines the modern city. The city has worked very hard to make it a number one tourist destination in the World. By focusing on their strengths in finance, manufacturing and general business acumen, people of Hong Kong has worked whole heartedly to become one of the richest cities in the world. The place attracts thousands of travellers worldwide to experience the vibrant life of Hong Kong.
This foreign money financed power plants, skyscrapers, airports, and a quickly growing export economy. Workers’ wages rose and an entire middle class appeared with a taste for finer—usually imported—things. The per-capita income levels in Hong Kong and Singapore exceeded those of some industrial countries for a while. Moreover, for the 30 years leading up to the eventual fall of the Asian markets, personal income levels had risen fourfold in Malaysia, fivefold in Thailand, and an astonishing tenfold in Korea. This swelling of the Asian markets was felt all over the world as other countries’ exports to Asia rose in response.
In the travel market, the cruise industry is one of the fastest growing industries. The underlying industry is growing rapidly due to the innovation in its products. After the year 1980, the cruise industry has faced the passenger growth rate at 7.8 percent annually. There are different products of the cruise industry. The underlying industry helps to fulfill the vacation desires of the guests.
Dubai is one of the best tourist destinations. It has been rated to be one of the best countries to offer hospitality facilities. Dubai’s vibrant hospitality industry has continued to outshine the other countries recording high growth in all major sectors. In 2013, increase in the hotel rooms resulted to a major influx of tourist from all over the globe. The flight industry, which is part of the hospitality sector, recorded 15% increase in passengers compared to 2012.