HM110Lecture_Notes7

HM110Lecture_Notes7 - HM110 Lecture Notes 7 -Travel Tourism...

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HM110 – Lecture Notes 7 -Travel Tourism -Hotel Sales &Marketing
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The Economic Impact of Travel and Tourism HM 110 – Week7-8
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What is Tourism? “Tourism is the temporary movement of people to destinations outside their normal places of work and residence, the activities undertaken during their stay in those destinations, and the facilities created to cater to their needs”
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Characteristics Year-round economic driver Accounts for 10.2% of world GDP and 7.8% of global workforce Employer of 214 million people or 7.8% of the global workforce Spending on tourism is $72.3 billion Leading producer of tax revenues Despite Indian Ocean tsunami, SARS, war, and terrorism, WTTC forecasts 4.6% growth between 2006 and 2015
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Economic Impact of Tourism International travelers annually spend about $94 billion in the U.S. on travel-related expenses 20.8 million people are directly employed in the industry Travel generates $100 billion yearly in tax receipts Approximately 46 million international travelers visit the U.S. each year Just a 1% increase in the world market would mean an additional 7.6 million visitors, which would create 150,000 jobs
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Multiplier Effect New money spent by tourists is then re- spent by hotels and restaurants in the community for goods and services Leakage occurs when money must be spent outside the community for goods unavailable within the community
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Figure 3-5 The Multiplier Effect
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So how its affected? Meetings Conventions Sports Events Business Travelers Leisure Travelers Others For example: Olympic Games
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Quick Look San Francisco in 2007 Around 16 million visitors in 2007 About $8.2 billion spending
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This note was uploaded on 10/08/2011 for the course HTM 110 taught by Professor Staff during the Spring '11 term at S.F. State.

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HM110Lecture_Notes7 - HM110 Lecture Notes 7 -Travel Tourism...

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