State of the Economy and Travel Decisions

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Presentation transcript:

State of the Economy and Travel Decisions

State of the Economy Economic indicators: Gross Domestic Product growth rates Inflation rates Levels of current account and budget surpluses or deficits Unemployment rates

Travel and Tourism The world’s largest industry Rapidly growing Has a major impact on national economies around the world

Economics of Travel and Tourism, Recession, Expansion

Economics of Travel and Tourism Good Economy Businesses do well Expansion Slow Economy Businesses do poorly Recession

Recession Economy slows down and does poorly People lose jobs People have less money for: Eating at restaurants Recreation Travel

Expansion Economy grows and does well People have more money to spend People spend on: Eating at restaurants Recreation Travel

Travel Decisions

Travel Decisions Products and Services Entertainment Food Gifts Lodging Recreation Transportation

What makes the world go round? Click on photo

Let’s Review! How do we define state of the economy? Why is the state of the economy vital to the travel and tourism industry? During a recession, what happens to the economy? During a good economy, what happens in the travel and tourism industry?

References and Resources Images: Shutterstock™ images. Photos obtained with subscription. (Slides 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13) Textbooks: Ninemeier, J. D. & Perdue, J. (2008). Discovering hospitality and tourism. Upper Saddle River, NJ: Pearson Education, Inc. Reynolds, J. S. (2010). Hospitality services: Food & lodging. Tinley Park IL: Goodheart-Wilcox Company. Websites: YouTube™: What makes the world go round? World Travel and Tourism Council Recognizing the impressive role tourism plays in world economy. Tourism is an "industry you can bank on"! https://www.youtube.com/watch?v=yMqHEAufxQY