It is fascinating to discover how travel and tourism industries play a significant role in boosting the world economy. Recent studies have shown that the travel industry is growing steadily and rapidly. This rapid growth has resulted in the growth of the world’s economy in many different ways. It is also exciting to note that all those who fancy vacations are great contributors to the growth of the global economy. The following are ways in which those who love to travel around the world have played their role in boosting the global economy.
How Traveling and Tourism Influence the Growth of the World Economy:
Leisure Travel as a Major Revenue Contributor
Traveling for leisure is basically for purposes of recreational activities. According to various studies, leisure travel accounts for about 70% of the entire travel expenditure of the world annually, which is facilitated by the general economic conditions, disposable income levels, and also the consumer confidence. Over a billion trips are made yearly for leisure purposes whereby the recreational activities also play a major part in boosting the world’s economy. When you are on vacation, some of your top recreational activities may include; shopping, dining at the fine restaurants, going to big luxury hotels, going to beaches, and maybe visiting relatives and friends. By paying for most of these services, you are generating revenue and contributing to the world economy at large.
Job opportunities
Travel and tourism industries have created an addition of over 7.2 million jobs related to the industry around the world in the past year according to the research. The World Travel and Tourism Council (WTTC) recently released a statistical report which asserts that the travel industry has created about 284 million jobs worldwide.
Source: Thinkstock/ Kraig Scarbinsky
Impacts of Airlines
Air travel, a major component of the travel industry, is a great contributor to the world’s economic development. Most of your vacations and recreational activities will tend to require air travel which in turn makes it a large revenue contributor worldwide. With thousands of flights scheduled and operated throughout the year, they are a clear indication of how travel and tourism industries impact the world economy positively.
Accessibility and favorable earnings
Another great contributing component is the worldwide increment in the unit earnings of the working class groups as well as a maturing populace. Moreover, the growing availability of popular tourist destinations makes traveling and vacations more reasonable which in turn boosts the world’s economy.
Economic Benefits of Travel and Tourism Industries
By simply loving traveling and going on vacations, you are already a promoter of the travel and tourism industries. The following are some of the benefits of these industries to the global economy:
- Adds new money to the economy which boosts tax revenues and businesses
- Influences the creation of new jobs, events, businesses, and also attractions, therefore helping in the diversification of local and international economies
- Facilitates the active protection and preservation of important resources linked to the tourism industry and the travel industry
- Helps encourage the development and maintenance of the existing or new amenities within the industries
If you love to travel around the world, knowing that you are single-handedly contributing to the travel and tourism service industries which are among the fastest and largest growing global service industries should motivate you to book more trips.
Sourced from: travelandleisure
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