Impacts of Inflation on Hays Travel and Inflation Management Strategies

This poster discusses the impacts of inflation on the tourism industry, specifically on Hays Travel, and the inflation management strategies that can be deployed. It also provides an overview of Hays Travel's company background, key operations and markets.

Project title
Student name
Student ID
Module name
Tutor name
Academic year/ Group

INTRODUCTION
The term tourism is referred as the social, cultural
and economic phenomenon which includes the
movement of people to countries, places and other
areas outside their usual environment and
surroundings. Tourism is travelling for pleasure or
business, also it is the theory and practise of the
business to attract and accommodate the customers
in the best possible way. The Tourism is gaining
popularity over the period of time and its is being
more and more diversified and exclusive. The
tourism sector is most attractive sector as it
provides anew experience to the customers.
Key operations and markets
The Hays travel is opting different types of methods such
as , online booking, Effective communication and providing
schemes and discounts which can attract the customers from
different segments of market along with the providing of
Quality services to the customers. There are various tasks
and activities which are the part of the company such as,
•Creating a Booking
•Managing customers
•Managing travel suppliers
•Market literature and advertising campaigns
CONCLUSTION
The above poster contains a lot of information
regarding the Tourism industry and its changing
trends. Further more The increase in inflation
were being discussed along with its impacts on
the tourism company Hays Travel. Along with
that, The inflationary periods and cause of
inflation were discussed along with the negative
impact of inflation on the company and the
inflation management strategies were also
highlighted so as to make it more clear and
understand
Inflation management
strategies deployed
There are various methods and
strategies which can be used to
manage the inflation. Given below are
the strategies which can be opted by
Hays travels.
Exchange rate- pegging
The term exchange rate pegging is the
strategy which can be used to keep the
inflation in control. Hays travels can
use this strategy as they can do the
pegging of exchange rate at a fixed
value to the other country so that the
inflation rate will change.
Monetary Targeting
The term monetary targeting is
referred as the monetary policy where
a central bank follows an explicit
target for the medium term and states
the target of inflation to the Public.
The Hays travels can use this strategy
to manage the inflation effects. This
can also be helpful to manage the
domestic considerations.
Company background and overview
The Hays travel limited is a well known reputed company of
UK which is a big travel chain Headquartered in Sunderland,
England. The various statistics, The company has the largest
number of the retail travel shops in the United kingdom
which is focused on providing the Excellent travelling
facilities to the customers so that they can build a sense of
trust among the customers. The company is also dynamic as
is adapting various changes which are needed according to
the customers and societal changes so as to maintain a well
known reputed position in the market.
REFRENCES
•Agudze, K. and Ibhagui, O., 2021. Inflation and FDI in industrialized and developing
economies. International Review of Applied Economics, 35(5), pp.749-764.
•Aleeva, A.S. and Atnagulova, D.M., 2019. Inflation: definition, types and causes. Вестник современных
исследований, (2.11), pp.4-7.
•Apergis, E. and Apergis, N., 2021. Inflation expectations, volatility and Covid-19: evidence from the US
inflation swap rates. Applied Economics Letters, 28(15), pp.1327-1331.
Inflation is referred as the rise in prices, which have a serious
impact on the business industry and various other sectors. The
tourism sector is one of the sector which is being Effected by
the inflation as many activities of this sector was being
hampered due to the inflation. The European travel market
faced a lot of issues due to the inflation as it Effected the
buying behaviour of consumer and made it difficult for them
to opt for the ravel agencies and to book a vacation etc. Hays
travels is a well known reputed company providing various
tours and travel ism services to the customers. The UK
tourism sector was effected in a negative way during the
pandemic due to the various restrictions and regulations
imposed by the government. The inflation also started to
begin at the Mid of 2021 which has created several Effects on
the travel companies such as Hays travels and their demand
went to decrease. In the little to average term, with rising
prices continuing its up trend to the end of the year and
easiness of travel returning to its pre-pandemic position quo,
it’s possible that demand will stay in flood, and prices will act
to creep up. According to various statistical data the Inflation
has caused around 44.3% increase in the Hotel prices and
booking charges which has lead it difficult for the customers
to opt for the expensive packages and other facilities form
Hays travels and other tourism companies as the customers
were facing problems to cope up with the rise in prices due to
the inflation.
Inflationary periods and main
causes
Impacts of inflations on company’s
operations and performance
The term inflation is considered as an important factor
which has Effected the tourism demand and the tourism
sector. The International tourism is not that dynamic to
adapt the various changes that are taking place in the
tourism sector. Such as the internal factors which are
related with the prices and customer demands and External
factors such as the change in Economic policies. The
inflationary Effects of tourism can rise by various factors.
There are various Business and travel companies such as
Hays travels which is effected by the inflation in various
ways. Given below are the impacts of Inflation on the
Hays travel UK
The producers and sellers were charging high prices of the
goods and services The customers changed their plans of
travelling which Effected the company and in a negative
way.
The purchasing power of the customers were Effected in a
negative way and thy were not able to purchase the
travelling packages and other offer related schemes of
travelling offered buy the Hays travels as it were quite
expensive for the customers to buy.
The company has suffered losses during inflation as the
customers preferences and purchasing power was changed
and Effected due to the rise in price.
Tourism companies like Hays travels generate a lot of
revenue as the tourists spent a lot of amount on Hotels,
restaurants and for food. Inflation has made it difficult for
the travellers to opt these facilities.