Industry Featured Articles
Tuesday, May 29 2018
By Dina DeCarlo and Christa Ouderkirk Franzi, Camoin Associates, Inc.
The travel industry is continuously evolving and responding to technological advancements and changes in consumer preferences. When thinking about trends affecting the travel industry, companies like Uber, Lyft, and Airbnb come to mind; and in terms of preferences, discovering “how to reach millennials” is always a hot topic. We have all heard about these, but, what are some other less obvious trends affecting change in the travel industry? And how can communities and businesses in the hospitality and tourism industry harness these trends to stay on the cutting edge of travel?
Economics of Travel and Tourism by the Numbers
Friday, March 24 2017
By Don A. Holbrook, Site Location Consultant Managing Partner, Vercitas Group
It’s time for community leaders and economic developers to take an entire new view of tourism. In the past tourism has been more of a secondary thought that is built around festivals and conferences for most cities and towns. Today tourism deserves a seat at the big table. It has proven to be a sustainable and home grown industry with far reaching appeal.
In 2016 the World Travel and Tourism Council reported that tourism has experienced seven consecutive years of growth and 2017 looks like another great year. It represents 9.8 percent of the world’s GDP ($7.2 trillion USD) and 284 million jobs (one out of every eleven jobs). Tourism has a sustained average growth of four percent annually.
The United Nations World Trade Organization has even gone on a mission of spreading the gospel of “Why Tourism? Today, the business volume of tourism equals or even surpasses that of oil exports, food products or automobiles. Tourism has become one of the major players in international commerce, and represents at the same time one of the main income sources for many developing countries. This growth goes hand in hand with an increasing diversification and competition among destinations.”
Wednesday, March 16 2016
By Tom Dworetsky, Analyst at Camoin Associates
Tourism is big business worldwide, and communities of all sizes want in on the action. Understanding the key trends that are reshaping the industry can give your community a boost in transforming from unknown to unequaled.
Thursday, March 19 2015
By Don A. Holbrook, Las Vegas, Nevada
Tourism has been long overlooked by economic developers as an industry that should be left to the chamber of commerce or tourism bureau folks in most locales. This is, in my opinion, a major oversight in any community’s long-term economic growth strategy. Economic development at its core is simply the attraction of capital that will be spent in the represented locales economy. This of course is then used for all the various goods and services that the constituents need and want in that local economy. Herein lies the major oversight. For many decades local economies have been event driven in their approach to drawing these dollars to their economy. This creates a short-term spike in their economic impact, but nothing as sexy as a real permanent physical asset that employs folks and pays taxes, while also generating additional monies that get spent many times over in the local economy by those that support such enterprises.
A recent study by Deloitte Consulting “Hospitality 2015” points out that over half of humanity is now considered middle class and thus their appetite to find leisure outlets is driving ever-increasing demand for things to do and places to visit and hospitality infrastructure to accommodate their desires, tastes and interests. The World Economic Data report shows that tourism accounts for 8.5 percent of USA total GDP and increasing rather than decreasing in value and contribution to our overall economy. It is going to reach nearly 12 percent of GDP by 2030 according to their forecasts. This can be a double-edge sword; it is a mature industry that is growing rapidly and adding value and reinventing itself constantly. These are not low-paying jobs as many have depicted them in the past. According to Payscale Human Capital Associates, the average tourism industry job is still about $10,000 to $12,000 higher than the U.S. average wage earner.