When one hears the word travel one starts to envision images of rolling picturesque landscapes, postcards with brightly printed images, remote locations waiting to be explored by the daring or simply as a means to get away from the daily humdrum of life. Little does one know that the travel and tourism industry is one of the fastest-growing and largest industries in terms of revenue. The tourism industry is the sole highest contributor to the GDP of certain nations like Greece, Seychelles, and Mauritius.
The travel and tourism industry is dynamic, creative, and offers a plethora of opportunities and scope for development. The travel and tourism industry has been forecasted to reach a whopping value of $11 trillion over the next 10 years. The new model for traveling has been the so-called leisure trips- indicating that 72% of business travelers now add a component of leisure to their trips. By 2013 the travel and tourism industry had occupied about 9.3% of the world’s GDP share.
The industry also provides vast employment opportunities, with every 1 in 11 jobs catering to this industry. Not only is international travel becoming more affordable and popular, but many hotels have also started expanding their chains globally to attract a wider customer base. Also, the rising numbers of middle classes across the globe have led to the demand for people to travel outside their borders. In countries like China, Russia, Brazil, and India the demand for tourism and hospitality has been on a steady rise. The younger generations have also shown an increased interest in travel with a nearly 40% increase in the expenditure even though the global economy was in a flunk.
The travel and tourism industry in India contributes to about 9.6% of the country’s total GDP. According to the latest reports of 2016, the industry contributed to around 25 million jobs. One of the best aspects of this industry could be a tremendous amount of potential that it harbors for future development. One important way would be to analyze the market for opportunities and gaps. Newer entrants to this industry can have a huge advantage over already existing players by catering to demands that have not yet been addressed.
Another would be to understand your target customer segments and staying relevant to them. It is very necessary to zero out the portion of the populace that is being targeted with special or niche services being created to cater to these specific groups of customers.
Few examples could be luxury hotels, medical tourism, or themed vacation experience. This industry also has the potential to create unique experiences for its guests thereby catering to a wide range of interests and demographics. Probably the best-known example would be the experiences that the Disney theme parks have provided to families over the years. Whether you’re a student, a backpacker, a corporate hotshot, or a family matriarch this industry has something to always cater to your demands and keep your interests piqued.