Analyzing the Future of the Tourism Industry: Key Challenges & Growth

This presentation provides a comprehensive overview of the tourism industry, highlighting its significant role in global economic growth and GDP contribution. It identifies key business sectors within the industry, including accommodation, adventure and recreation, attractions, events and conferences, food and beverage, tourism services, and transportation. The presentation emphasizes the importance of hospitality and tourism in generating employment and income. Furthermore, it addresses the current challenges facing the tourism industry, particularly those arising from the COVID-19 pandemic, such as raised tourist concerns, employment issues, financial crises, and increasing debt. The presentation concludes optimistically about the future of the tourism industry, emphasizing its potential for innovation and career development, and stresses the importance of addressing challenges to ensure its survival and growth. Desklib offers more solved assignments and study resources for students.

Challenges for the future of tourism
industry

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
and hospitality services. This presentation discuss
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
sector which is generating revenues in millions and
contributing massively in GDP creation. Some major
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.

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.
This sector of tourism industry generates high
revenues as these sports are very expensive to
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-made or natural locations. 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
 Events and conferences: This sector of tourism is a
significant segment which promotes revenue generation
or increase travelling activities through mass gathering of
people at a place for some specific purpose. This
promotes both domestic or international tourism as
people from all over the world travel from one place to
other for the purpose of attending significant or popular
events such as musical concerts or sports matches.
Moreover, this sector also includes fair and festivals as
well as corporate events or charity shows.

Continue
 Food and beverage: This sector of tourism is
highly crucial and is fulfilling requirements of
mass level of population on a regular basis. There
are about million entrepreneurs dealing in this
sector through providing food and beverage
products to consumers and earning revenues. This
sector is widely popular and relevant in context to
tourism industry.

Continue
 Tourism services: These are associated with travel
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.
It mainly includes those businesses which deal in
providing services of carrying passengers to the sites of
tourism. The development of modern technologies and
automobiles has significantly enhanced the growth and
scope of transportation and travel sector in tourism
industry.

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.
 Hospitality and tourism gives their biggest contribution in terms of generating
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
due to consequences of covid-19. Covid-19 has
majorly affected all sectors of tourism through
restricting the flow of operations as people were
made obliged to stay at home and thus movement
was restricted. The current challenges faced by
tourism industry is discussed in the next slides.

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
protocols so that they could be saved against the
impending threat. The ongoing pandemic has creating
challenge for numerous businesses to comply with
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
numerous employees through companies. It is quite
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
have resulted in employee turnover. Employee turnover
during covid-19 was both voluntary or involuntary turnover
but both implies recruitment of new personnel which
involves cost of training along with opportunity cost.

Continue
 Financial crisis: One of the major implications of
pandemic was financial crisis due to temporary
discontinuation of operations resulting in loss of
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.

Continue
 Increasing debt: To sustain their businesses, many
SMEs along with large-scale industries were
seeking support from government or official
monetary or financial institution which has
increased their debt. Moreover, businesses were
also have to face the challenge of already existing
debtors and their inability to pay them during
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
serious manner. The future of tourism industry also brings lots of innovation and
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.

Thank You!
Any Questions or Comments?

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. The digital revolution in the travel and 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.