Article Summary In this article, Exchange rates shaping travel plans, the author presented exchange rates and security as new influencing factors for outbound tourists’ in making travel decisions. According to the report’s source, China Tourism Academy, statistics show that although the depreciation of Chinese yuan versus the US dollars did not have a significant impact on tourism destinations such as the US last year, yuan’s appreciation against the Japanese yen, the Russian ruble and the Canadian dollar have however rapidly boosted the outbound trips. Apart from the exchange rate, another influencing factor that tends to shape the travel plans of outbound tourist is security. A significant negative impact is recorded in countries such as Thailand, France, Turkey and Egypt where terrorist attacks were recently reported. Since Chinese outbound …show more content…
Today, over 90% of Chinese travelers stay at domestic hotels. Less than 15% of all travels made by Chinese citizens are outbound, albeit a higher proportion than in previous years. Based on this study made by InterContinental® Hotels Group (IHG®), one of the leading companies in hospitality industry, although significant increase in international travel will continue to set par, the demand of domestic hotels in China is still projected to dominate the increase. Wolfgang Arlt, director of the China Outbound Tourism Research Institute in Hamburg, mentioned in an interview that Europe’s imminent terrorism threat particularly the recent struck city centers of Paris and Brussels had an impact on Chinese tourists especially. “People are seeing Europe as not being safe anymore, and for the Chinese, they don’t differentiate between France, Italy, Germany or Spain. To them, all of Europe isn’t secure,” he
Since 2014 these groups have been on the rise with a 40% increase of 142,500 reported crimes since the first six months of 2016 (Kern, 2016). Of greater concern are the obvious increases in terror attacks in the EU, specifically in France, Germany and Belgium, host nations for a majority of the migrant populations. In 2015, Paris experienced the Charlie Hebdo attack and ended with the Paris nightclub attack in which more than 150 were killed and 300 injured. In 2016, there have been a significant increase in terror attacks in Europe. The Brussels Airport bombing, the Nice truck attack as well as knife attacks in Germany. Added to this is the threats of future attacks in statements by ISIS leader Abu Bakar al-Baghdadi, as coalition forces fight to retake key strongholds from the Islamic State, but failed to secure the surrounding areas controlled by ISIS allowing an untold number of IS fighters to escape and enter into the EU with the flow of
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.
However, the ignorance of the politicians’ unfriendliness and deterrence caused the dire publicity to be spread all over France and probably wider. Politicians are usually the most publicly articulated figures. Thus, their opposition view would probably be spread to many potential visitor...
...ourism, and the unpredictable nature means tourism can decline at any time (Williams, 2004). This in the form of destination popularity trends such as party towns [Ibiza, Magaluf, Kos, Aiya Napa]. The Cyprus tourism industry has highlighted the need in their policies to involve additional diversified quality products, such as development of marine tourism, and highlighting sport tourism in an attempt to stay ahead of competition (Andronikou, 1986) due to destinations being harmed mostly by competition of similar destinations (Henderson,2007). Also economic crises, such as the recession in 2008 causing decline in tourism (Henderson, 2007), the 2002 Bali terrorist attacks causing a 60% drop between October and November 2002 (Bareham, 2004:160), and natural disasters such as the recent 2013 Philippines typhoon, which has left 3% of the country in ruins. They are urging
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
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.
...rceive this as an attack on China's reputation. Many of the younger generation are fully ready to accept the current balance of freedom and power because they know that they have considerably more freedoms than earlier generations (Jiang 5)
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.
Rittichainuwat, B., & Chakraborty, G. (2009). Perceived travel risks regarding terrorism and disease: The case of thailand. TOURISM MANAGEMENT, 30(3), 410-418. doi:10.1016/j.tourman.2008.08.001
The Hotel industry has become very important in the past years due to immense traveling and growth of international business. Hotel industry not only plays an important role in the life of people but as well as the economy of the country. Development and advancement in the Hotel industry have rapidly been taking place and especially since the rapid change in technology, it is very important for hotels to be promptly keeping up to date. When the hotel industry is spoken of, there are many famous hotels but one hotel company that has been outstanding in growth and other aspects of business, like in Leadership, Teamwork (Employee turnover), Motivation (Customer retention and satisfaction, Goals and objectives, (changing the way hotel business has worked), and Change within the company; structurally inside and physically outside, adding elements, like entertainment, gaming, and outdoor activities, is the Hilton Hotel Company.
Tourism and Hospitality has developed rapidly and becoming extremely important to economy in the world. The income that several countries in the world receive from tourism industry can be reached to $1billion per year. In addition, Marketing is one of the most important factors that help and effect to tourism industry in many positive ways. Marketing evolved in the tourism industry since 1980. It promotes tourism industry by encouraging the tourists to travel at their destination with the strategy that made up to the tourist satisfaction. However, a marketing strategy does not have to be complex, in fact it should be a easily understood which ensure the advantage of marketing of the products and services to the tourist business to obtain positive
The hotel industry is one of the fastest growing industries in India. The total market size of Indian tourism and hospitality sector stood at US$ 117.7 billion and is expected to touch US$ 418.9 billion by 2022. The foreign direct investment (FDI) inflows in hotel and tourism sector during April 2000 to July 2013
Whitla, P., Walters, P., Davies, H. 2007, Global strategies in the international hotel industry, Hospitality Management, vol. 26, pp. 777–792.
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 with 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 Americas. The US alone with its world’s largest hotels/market has conquered net value growth, while China has literally doubled the revenue in the same time span. The leisure segment
What do the letters PESTEL stand for? Can you identify any links between some of these