The three factors responsible for
affecting the travel and tourism industry by the recent economic downturn,
these factors are as follows:
1. The rise of comfort food:
According to Food service and
Hospitality Hamburgers are always popular during recessions for tourism
management professionals revealed by a Canadian hospitality business magazine. During
financial problems and economic hard times consumers are attracted to
less-expensive food choices therefore Casual food actually has an advantage
during that time.
2. Less travel, more staycations
instead of vacations:
Deloitte along with the Travel and Tourism industry conducted a
survey and in that survey most people revealed that they would love to travel
around the globe but they planned to save money by staying closer to home.
Similar results are being uncovered around various parts of world by travel industry
with the help recent studies.
3. Traveling business is down:
In the same survey by Deloitte for
the travel and tourism industry, 58% of respondents said that they expected to
travel less for business in the following year. As businesses cut travel -
relying, instead, on technology such as Skype and video chatting - tourism
management teams may need to relax their expectations as they renegotiate
yearly procurement practices with frequent corporate clients. They may not be
able to increase their prices at the same rates as they did in the past.
travel and tourism has been a great boon for the advanced economies of the world. in attempts to come up and leave the shackles of poverty, need and improve the quality of life, developing countries like India have embarked on comprehensive tourist promotion activities that one can see remarkable change in the sector for India. Tourism is a universal phenomenon in that people will always feel the need to travel to access some services or products or just for the sake of change in environment. regardless of the slowdown or recession it remains the true promise for any sustainable growth and foreign exchange earning in a stagnating economy. it is the humble pie developing countries can harness to project a better future and aspiration for their mass populations still dependent on agriculture.
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