Travel and Tourism are considered one of the world’s largest industries in economy which outperformed the global economy and grew faster than many other remarkable global. It is seen as the key promoter of both economic growth and social development because of its potential to promote understanding and international relationship. According to the World Travel and Tourism Council’s (WTTC) economic impact research, in 2013, Travel and Tourism grew its total contribution to Gross Domestic Product (GDP) by 3.2%, which it represents US$7.0 trillion in GDP and approximate 4.7 million new jobs were created as a result of tourism activity. While in 2014, Travel and Tourism growth are expected to outpace growth in the whole economy GDP approximate 4.3% and it is expected to generate approximate 6.5 million new jobs as well (WTTC, 2014). The importance of Travel and Tourism as a mechanism for economic development and job creation is clear.
Repeat customers can create a greater revenue, which mean marketing strategy is necessary to consider about maintaining the relationships with the old customers while seeking out new customers as well (Hussung, 2016). Therefore, with the special characteristics of tourism products, the role of marketing in tourism industry compared with other industries is more important and implementation of marketing tools for a country is considerable. To illustrate, marketing can offer some information about the specific place to encourage the tourists to visit their destination (Laimer & Juergen, 2009). Thus, tourism revenue and international income can be increase by good planning and administration of marketing
Modern tourism encompasses a growing number of new destinations and such dynamics have turned tourism into a key driver for socio-economic progress. Apart from tourism impacting the domestic markets, it plays a significant role on a global level. International Scenario Tourism contributes nearly 10% to world gross domestic product (GDP), considering its direct, indirect and induced impacts. With US$ 1.5 trillion export earnings, international tourism accounts for 30% of the world’s exports of services and 6% of overall exports of goods and services. Moreover, in the worldwide export category, tourism was ranked fourth in 2013, after fuels (US$ 3.3 trillion), chemicals (US$ 2.0 trillion) and food (US$ 1.5 trillion).
2. Impact Of Tourism Industry In Singapore Tourism industry growth has been a major booster to increased economic activity throughout Singapore and the world. Visitors or tourists contribute to sales, profits, jobs, tax revenues, and income to the country. Hence, it is often cited to capture primary and secondary effects of tourism spending. In consequence of the multiplier effect, small changes in government spending can create much larger changes in total turn- out.
Tourism has boosted GDP growth in Malaysia with both direct contribution and total contribution. The direct contribution of tourism to GDP reflects the “internal” spending on tourism as well as government “individual” spending on tourism services directly linked to visitors; while the total contribution includes the indirect and induced impacts on the economy (World Travel and Tourism Council, 2015). The direct contribution of tourism to GDP in Malaysia was MYR61.0 billion, which is 1.5 times as much as that of ten years ago and is expected to grow to MYR95.9 billion by 2025 (World Travel and Tourism Council, 2015). While, the total contribution of tourism to GDP was
Each region, country, continent, city, town, village, eventually has to fend for itself in the competition to attract tourists. Thus, financial capital along with publicity can considerably have an effect on the tourism of an area. Tourism in India The tourism industry of India is reasonably important and grows speedily during KKM, the World Travel & Tourism Council designed that tourism generated INR6.4 trillion 6.6% of the nation's GDP in 2012. It supported 39.5 million jobs, 7.7% of its total employment. The sector is predicted to grow at an average annual rate of 7.9% from 2013 to 2023.
One major advantage of tourism is the fact that developing travel industry can stimulate the popular tourist areas' consumption ability and economy. “According to the OVTA, there are 12 million visitors who travel to Ottawa and consume 128million dollars each year. Moreover, the development of tourism leads to generating 45 million dollars income for the local government per year” (Chase, 2011). In addition, “China National Tourism Administration showed that there is a 15 percent increase of the price level of products which selling in the Middle East and Europe during the New Year holidays, compared to their daily price. However, these increases give some impacts on economy and it is reported that in 2010, 52 million Chinese people travelled abroad” (Lixia, 2011).
This figure is expected to grow by 4.3% the following year. We can see how important tourism is for the economy of the country. Although, the figures are much higher when we take into consideration the total input of this industry in the GDP. Then, the percentage rise up to 20.8% of the GDP (almost 2,800
Figure (2): International tourist arrivals and international tourism receipts in Yemen from 1995 – 2014. Tourism is a rapidly growing international industry, considered by many authors to be an effective tool to accelerate economic growth (Dritsakis, 2004; Durbarry, 2004), and in this study we try to represent the importance of tourism sector as the important source for national balance and its active role in development achievement with in contribute in surplus exchange and created job opportunities. In addition this study will show the tourism potential in Yemen and show how the government interested in this
Tourism receipts also rose from 9.2 billion in 1995 t... ... middle of paper ... ...ct (GDP) including, inbound and domestic tourism expenditure reported that the share of internal tourism consumption to GDP was 11 per cent in 2012 as compared to 10.9 per cent reported in 2011. Thus, the contribution of inbound and domestic tourism expenditure to GDP was 6.6 and 4.3 per cent respectively. Tourism Direct Gross Domestic Product (TDGDP) is an international measure of the tourism contribution to GDP, which is generated by the value of the part of total valued including net taxes on products and imports has shown that TDGDP was 46.2 billion in 2011, increased by 49.4 in 2012 with grew 7.0 per cent and the share of TDGDP to GDP increased from 5.2 per cent in 2011 to 5.3 per cent recorded in 2011. Moreover such table also indicates that, the main contributors to the tourism industry is internal tourism consumption and also inbound tourism expenditure.