This presentation discusses the various business sectors in the tourism industry, its importance, and the challenges faced by the industry. It also explores the impact of COVID-19 on the tourism industry and its future prospects.
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Challenges for the future of tourism industry
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Table of Content Introduction What business sectors are in the tourism industry Importance of hospitality and tourism What are the current challenges facing tourism industry? Is there a future for tourism industry? Conclusion References
Introduction Tourism industry is one of the most prominent and major economic forces contributing in overall growth and development worldwide. The scope of tourism industry is significantly broad covering many areas of business in providing travel, accommodation, leisure andhospitalityservices.Thispresentationdiscuss broadly the terms and relevance of tourism sector along with its importance and challenges that are faced by tourism industry.
What business sectors are in the tourism industry The tourism industry is one of the most large economic sectorwhichisgeneratingrevenuesinmillionsand contributingmassivelyinGDPcreation.Somemajor sectors of tourism industry is stated below: Accommodation: This sector is mainly associated with businesses dealing in travel and hospitality services as individuals need to stay when travelling from one place to another. It is one of the affluent business industries which satisfy the requirements of individuals through providing them with facilities ensuring their luxurious stay and enhanced customer experience.
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Continue Adventure and recreation: This sector is associated with satisfying requirements of individuals through maximising their engagement in activities such as trekking, scuba diving, bungee jumping, underwater diving, surfing and other such enthusiastic activities. Thissectoroftourismindustrygenerateshigh revenuesasthesesportsareveryexpensiveto experience and youngsters nowadays are very much inclined towards adventure and recreation.
Continue Attractions: The businesses operating in these sectors are mainly generates revenues through attracting customers to specific attractive either man-madeornaturallocations.These attractions are very much relevant in enhancing domestic as well as international tourism as they induce engagement of travellers in visiting these locations.
Continue Eventsandconferences: Thissectoroftourismisa significant segment which promotes revenue generation or increase travelling activities through mass gathering of peopleataplaceforsomespecificpurpose.This promotesbothdomesticorinternationaltourismas people from all over the world travel from one place to other for the purpose of attending significant or popular eventssuchasmusicalconcertsorsportsmatches. Moreover, this sector also includes fair and festivals as well as corporate events or charity shows.
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Continue Foodandbeverage: Thissectoroftourismis highly crucial and is fulfilling requirements of mass level of population on a regular basis. There are about million entrepreneurs dealing in this sectorthroughprovidingfoodandbeverage products to consumers and earning revenues. This sector is widely popular and relevant in context to tourism industry.
Continue Tourismservices: Theseareassociatedwithtravel agencies along with other tour operator services and tourist guides. This is also a significant segment of tourism industry and is supporting job and employment globally.
Continue Transportation and travel: The sector of transportation serves as a major economic force which is generating revenues to a great extent and supporting numerous jobs. Itmainlyincludesthosebusinesseswhichdealin providing services of carrying passengers to the sites of tourism. The development of modern technologies and automobiles has significantly enhanced the growth and scopeoftransportationandtravelsectorintourism industry.
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Importance of hospitality and tourism Hospitality and tourism plays a significant role in any country's economy and they are very important from the context of further improvement of this industry. Hospitalityandtourismgivestheirbiggestcontributionintermsofgenerating employment at large scale. There are direct job opportunities which are available as tour planners and operators, tour guides, travel consultants, restaurants and resorts. They also boost in terms of local industries which includes jobs in the agriculture and food production sector and retail industry as well.
Continue This industry also generates income into variety of ways and it has been observed that government also earns revenue from the industry. In the current period of time, tourist put a lot of money in their travel plans and there are tour businesses and individuals who are involved in this sector that earns on a very large scale. Income is also generated by the various services use like restaurants, monuments, hotels and other places of tourist interest as well.When tourist visits to a new place then they spend money on the various requirements according to their own needs.
What are the current challenges facing tourism industry? There are various issues and challenges that are faced by tourist industry which has further increased duetoconsequencesofcovid-19.Covid-19has majorlyaffectedallsectorsoftourismthrough restricting the flow of operations as people were made obliged to stay at home and thus movement wasrestricted.Thecurrentchallengesfacedby tourism industry is discussed in the next slides.
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Continue Raised concern of tourists post COVID: The implications of pandemic was severe and caused a great extent of disturbance and decline in various businesses dealing in tourism services. The impact of COVID has increased awareness among individual to follow social distancing protocolssothattheycouldbesavedagainstthe impending threat. The ongoing pandemic has creating challengefornumerousbusinessestocomplywith preventive measures of social distancing. Ensuring proper safety at all times is quite a challenge for organisations.
Continue Employment issues: The sudden outbreak of covid-19 has caused lockdown scenarios worldwide and resulted in loss of numerousemployeesthroughcompanies.Itisquite challenging for companies to recruit competent and potential employees which left their workplaces due to migrating issues. Moreover, the inability of many firms to pay salaries haveresultedinemployeeturnover.Employeeturnover during covid-19 was both voluntary or involuntary turnover butbothimpliesrecruitmentofnewpersonnelwhich involves cost of training along with opportunity cost.
Continue Financialcrisis:Oneofthemajorimplicationsof pandemicwasfinancialcrisisduetotemporary discontinuationofoperationsresultinginlossof revenues. The consequences of pandemic has implied lack of availability of funds which caused companies to use their reserve capital and in some case permanent closure.
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Continue Increasing debt: To sustain their businesses, many SMEsalongwithlarge-scaleindustrieswere seekingsupportfromgovernmentorofficial monetaryorfinancialinstitutionwhichhas increased their debt. Moreover, businesses were also have to face the challenge of already existing debtorsandtheirinabilitytopaythemduring covid-19 further worsened the situations.
Is there a future for tourism industry? Yes there is a future of tourism industry because they not only generates revenue for a country but also contribute into the context of GDP as well. The future of tourism industry is very bright because there are number of people who want to visit into different places and at international level as well. So its important to consider the growth of this industry into seriousmanner.Thefutureoftourismindustryalsobringslotsofinnovationand development due to which people can see their career into professional manner. It has been observed that there are number of people who are building their career in this sector because there are lots of opportunities and challenges as well due to which people take interest in terms of their own development and growth.
Conclusion From the respective presentation, it has been concluded that tourism industry is one of the most largest and affluent economic forces consisting of numerous types of business segments dealing in offering tourism services. Tourism sector holds great significance as it allows interaction and promotion of cultural diversity to a great extent. This industry allows individuals to explore various cultures of different nations and is highly contributing in overall revenue generation. The current challenges faced in tourism industry are due to consequences imposed through sudden outbreak of covid-19. As the restrictions of covid-19 is lifting gradually, tourism businesses are focusing upon various tactics and preventive measures in order to ensure their survival.
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Reference List Syriopoulos, K., 2020. The impact of COVID-19 on entrepreneurship and SMEs. Journal of the International Academy for Case Studies, 26(2), pp.1-2. Rashideh, W., 2020. Blockchain technology framework: Current and future perspectives for the tourism industry. Tourism Management, 80, p.104125. Pencarelli, T.,2020. Thedigitalrevolution inthetraveland tourism industry. Information Technology & Tourism, 22(3), pp.455-476. Manning, L., 2018. The value of food safety culture to the hospitality industry.Worldwide Hospitality and Tourism Themes.