About Travel and Tourism Industry

The hospitality industry is part of a larger enterprise known as the travel and tourism industry. This industry is a vast group business with one goal in common: that is to provide necessary or desired products and services to travelers.

Travel and tourism industry has now become the largest civilian industry in the world, according to statistics one out of every ten person worldwide is part of the travel and tourism industry.

Travel and Tourism industry are divided into five major parts as shown below.

Lodging Operations:

Under lodging operations comes hotels, motels, resorts, timeshare hotels, condominiums, conference centres, B&B, casinos etc. Lodging operations is the largest sector under travel and tourism Industry

Transportation Services:

Ships, air planes, autos, bus, railways, metros, bikes, Limousines all comes under the transportation services in the travel and tourism industry.

Food and Beverage Operations:

Restaurant, lodging properties, retail stores, vending machines, catering, snack bars, cruise ships, bars, banquets, out door catering, all Comes under the F&B operations sector.

Retail Stores:

Gift shops, souvenir shops, handicraft shops, art shops, markets etc.

Activities:

Recreation, businesses, entertainment, amusement parks, study trips, sporting events, ethnic festivals etc.

Global travel and tourism industry – Statistics & Facts

The travel and tourism industry is one of the world’s largest industries with a global economic contribution (direct, indirect and induced) of over 7.6 trillion U.S. dollars in 2016. The direct economic impact of the industry, including accommodation, transportation, entertainment and attractions, was approximately 2.3 trillion U.S. dollars that year. A number of countries, such as France and the United States, are consistently popular tourism destinations, but other, less well-known countries are quickly emerging in order to reap the economic benefits of the industry.

Worldwide, the tourism industry has experienced steady growth almost every year. International tourist arrivals increased from 528 million in 2005 to 1.19 billion in 2015. Figures were forecasted to exceed 1.8 billion by 2030. Each year, Europe receives the most international tourist arrivals. It also produces the most travelers: with approximately 607 million outbound tourists in 2015, the region had more than double that of the second largest tourist origin, the Asia Pacific region.

In 2015, global international tourism revenue reached approximately 1.26 trillion U.S. dollars, having almost doubled since 2005. That year, China had the largest international tourism expenditure, followed by the United States and Germany. The leading city in international visitor spending was Dubai, where tourists spent more than 31.3 billion U.S. dollars in 2016.