Economic Impact of Travel & Tourism: A Detailed Report

This report examines the economic impact of travel and tourism, focusing on its influence on modern economies and business credibility. It explores the industry's objectives, including economic development, commercial balance, and employment opportunities. The report reviews literature on peer-to-peer economies and tourism theories, such as embodying tourism and the untidy tourist theory. The research methodology analyzes the impact of travel and tourism on GDP and employment, with statistics on business and leisure spending, both domestically and by foreign visitors. The report includes a timeline for the dissertation and references relevant academic sources.

Running head: ECONOMIC IMPACT OF TRAVEL & TOURISM
ECONOMIC IMPACT OF TRAVEL & TOURISM
Name of the Student
Name of the University
Author Note

1ECONOMIC IMPACT OF TRAVEL & TOURISM
Table of Contents
Research area and objectives.........................................................................................2
Literature Review...........................................................................................................2
Research Method............................................................................................................3
Timeline.........................................................................................................................3
References......................................................................................................................4

2ECONOMIC IMPACT OF TRAVEL & TOURISM
Research area and objectives
Travel and Tourism is one of the most versatile and modernized business acceleration
that impacted over the modern economic and creditability of world business. There are some
long term and short term values and objectives which operate in a highly ethical way for the
modernized consideration of the strategic marketing o travel and tourism. The pin point
opportunity of this industry has made a great impact on the streamline relationship with
customers and travel management. The certain objectives that have to be served by the travel
companies are:
To create development and regeneration that has impacted on economic point of view.
To understand the economical flow that has made the commercial balance by
spreading the business within local economy.
To enhance the employment opportunities in direct or indirect way and has set the
career objectives through earning.
Literature Review
This industry has shared the peer- to-peer economy to stay in this globalized market.
Peer to peer economy is state of decentralized model where people can interact, buy or sell
any good or can perceive any service form any direct process, there are no intermediate third
party allocation within company and user and this is the whole model structure of this
economy. The online placement, booking, traveling allowances, company statistics all are in
the technological limitation where the access of this situations are good and impactful as
well. Theories like embodying tourism have emphasized on the putative subjective freedom
and want the differentiation and its dependence on signposting and constructions (Lean,
Chong & Hooy, 2014). There are certain theory brand questions that encompass the
significant influence of travel culture. The concept of untidy tourist theory is made up of
certain subjectivities of tourism and makes different arguments for the development of tourist

3ECONOMIC IMPACT OF TRAVEL & TOURISM
accompany. As asserted by Mowforth and Munt, (2015), Targeting the right customer and
identification of the unique people, those are interested in travel, are the unified work process
of any travel company. The fundamental shift of the brand structure of the travel has made
three amplified form of management. These are possible inside approach, the impactful
belief, and attitude and a unique brand of tourism beyond expectation.
Research Method
Travel and tourism economy and its interference have provided the economic impact
of countries GDP and contributed to the development of the country. There are certain
induced and indirect contributions of traveling that measure as the collective nature of
government influence. Travel and tourism have impacted almost 9.8% in GDP in 2015 where
as the percentage increased by 10.8% in 2016. Employment structure has also been changing
by the effective impact of traveling impact (Luh Sin, Oakes & Mostafanezhad, 2015).
Travelling for the business spending has been noticed on 23% and leisure spending noticed at
77% as the comers re preferring the traveling for leisure most of the times. In case of foreign
visitors, 28% are there for the travel spending and 72% of domestic spending is there for
travel. These statistics are relevant and important to understand the traveling business and
their establishment in modern business scenario (de Grosbois, 2016).
Timeline
Month Dissertation Activity
October ( Week 1) Introduction
October ( Week 2 & 3) Literature Review
October (Week 4)
November (Week 1)
Research Methodology
November (Week 2 & 3) Finding and Analysis
November (Week 4) Recommendation and Conclusion

4ECONOMIC IMPACT OF TRAVEL & TOURISM
References
de Grosbois, D. (2016). Corporate social responsibility reporting in the cruise tourism
industry: A performance evaluation using a new institutional theory based
model. Journal of Sustainable Tourism, 24(2), 245-269.
Lean, H. H., Chong, S. H., & Hooy, C. W. (2014). Tourism and economic growth:
Comparing Malaysia and Singapore. International Journal of Economics &
Management, 8(1).
Luh Sin, H., Oakes, T., & Mostafanezhad, M. (2015). Traveling for a cause: Critical
examinations of volunteer tourism and social justice. Tourist studies, 15(2), 119-131.
Mowforth, M., & Munt, I. (2015). Tourism and sustainability: Development, globalisation
and new tourism in the third world. Abingdon: Routledge.