Knowing the Demand of Tourism Industry

Knowing the Demand of Tourism Industry

AJAR Hospitality

Knowing the Demand of Tourism Industry – Hello Ajarian! When looking at the economy as a whole demand is driven by the need for people to travel, for whatever reason that may be. In addition they must have the financial means to do so.

Demand, in relation to the tourism industry, is influenced by:

  • Necessity – the need to travel, whether for business or leisure
  • Employment - is measured as the number of adult workers who have jobs
  • Inflation - means undue expansion or increase of the currency of a country. The higher inflation, the more expensive items are compared with their wages
  • Disposable income – how much money is available to spend on items after necessities have been paid for. Travel is generally not considered a necessity
  • Costs of goods and services – how much it costs to purchase a product or service. Many tourism businesses now offer cheaper package deals including flights and accommodation, increasing demand for travel
  • Opportunity costs – an evaluation of alternative options. Generally a travel consumer will compare offerings from competitors, in a specific location or from a global perspective when selecting travel
  • Basic needs and wants – many people work hard and want to make the most out of their leisure time. They have specific goals towards travel and want these fulfilled. They may be a need for relaxation, adventure of learning...
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