Current Practices in the Visitor Economy

CURRENT PRACTICES IN THE
VISITOR ECONOMY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Presenting Visitor Economy........................................................................................................3
Describing the destination.......................................................................................................4
Presenting the challenges of visitor economy.............................................................................6
Recommendations........................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCE................................................................................................................................10

INTRODUCTION
Economy can be defining as large set of inter related production and consumption activity
such as goods and services by different agent. Moreover, market economy allow goods to
follow freely in the market on the basis of demand and supply. The present report is based on
visitor economy that is describe as increase in the GDP through tourism, hospitality and event
industry. The tourism economy is based on the destination that contributes in increasing the
profit of this sector as well as developed the nation. Furthermore, the study will discuss on
London the UK all in one destination and how it has developed the visitor economy.
Lastly, it will throw light on the key challenges faced by the country as well as recommend to
overcome the issues.
MAIN BODY
Presenting Visitor Economy
Visitor economy can be defining as the concept that highlights the various effect of
tourism in the local economy it focusses on the direct and indirect consumption (Kim, Liu, and
Williams, 2021). It helps in increasing the GDP of the county. Along with this, it covers the
tourism economy such as development of society, sustainable use of tourists and inputs and
production process. Moreover, the visitor economy build by the tourist spot and destination.
Visitor economy can be defining as the allocation of resources in order to satiny the demands
of the customer. The visitor economy plays very important role in developing the nation
such as it boost the revenue of the country. By creating thousands of jobs, develops
infrastructure and build the culture exchange between the domestic an international tourist.
However, it not only builds the hospitality and tourism sector by also other industry.
Such it creates job in the agriculture, communication, educational and health sector. That
contributes in developing the nation and enhancing the life of the people that are living in the
society (Duignan and Pappalepore, 2019). Along with this it also helps in increasing the
revenue of the small company and it is very profitable for the local shops, restaurant and
shopping centres. In addition to this, it also helps government in collecting the revenue man
builds the infrastructure of the country such as roads, building and hospital. Furthermore,
the good infrastructure contributes in increasing the smooth flow of goods and services in
the country. As well as increase the local people experience and provide them with the various

opportunity for growth. Along with this, global event organizer plays major role in attracting
large tourist and it earn large Revie through the registration fees, sales and media promotion.
The tourism brings diversity and culture in the hosting country. Furthermore, it helps the
business sector in sustaining as it helps in increasing the production of the goods and
services.
However, the disadvantage that country can be more over reliance on tourism for their
economy. It can create negative effect such as global pandemic has damage the visitor
economy. Moreover, it also increases the low quality of employment as this Job are seasonal and
low paying. Along with this, local workers are not able to get the proper income this it affects the
local economy. The country has to invest more on the infrastructure in order to attract more
and more tourist (Buhalis, Andreu and Gnoth, 2020). Furthermore, the benefit of visitor
economy has are only enjoyed by the international and famous country and the lower
countries are not able to take the advantage of this economy. In addition to this, the government
only focus on the hospitality industry and tourism for increasing the GDP and other industry
is not given more importance such as hospitality and educational sector. In addition to this, the
major disadvantage that country face is social culture as it affects the globalisation technology.
Thus, tourism plays major role in visitor economy as well as impact negatively and positively.
The model of visitor economy is consist of interrelated equation such as behaviour
relationship consist of nation account. This factor contributes in overall all economy in terms
of employment and values added. Moreover, it can have measured by macro comics, visitor
economy related to demand and supply. In order to identify the accurate contribution in the
country.
Describing the destination
London is one of the famous tourist sector of the UK. London is famous for its rich
history and have attractive tourist place. Such as River Thames, White tower and Buckingham
Palace. Moreover, the tourism of London has contributed every year 14.9 billion pounds in
the economy of the country (Minor and et.al., 2021). However, tourism has been developed in
UK through countries such as Wales. London and England. The City attracts many visitor
due notable tourist spot as well as rich culture. The country has museums and galleries
and majority of the tourist is given free entry. Along with this, for increasing the visitor
economy London has develop the tourism strategy such as targeting the premium market