Economic Impact of Tourism Essay Sample: Recession
Every now and then almost every country experiences a recession. A recession is an economic collapse of a nation. Due to the global economic fall, many sectors are currently facing difficulty, including tourism.
The downward spiral of an economy affects the tourism sector. When the recession hits, the unemployment rate will increase, and more people will not have the ability to afford a vacation or book a hotel. Because of the recession, current trends show a decline in domestic flight bookings both for business and leisure (Sheel 2). When people have no means to travel overseas, the economy for a country that has a large income in tourism will fall. This results in the closure of establishments providing hospitality services for tourists.
Hotel, inn, and bed and breakfast bookings have decreased due to the recession. Room occupancy has declined rapidly, and hospitality businesses are losing money. And because of this, businesses in hospitality do not have a choice but to lay off people to avoid bankruptcy. Another burden for tourism is because people with unstable income will save as much as possible instead of spending for fun and leisure. People would rather stay at home than go on an adventurous trip.
Countries focus more on increasing tourist activities to attract visitors. Due to various activities made by state governments in exhibitions and fairs, people are attracted to visit touristic places (Milton 2). Government agencies and tourism sectors make campaigns and advertisements to catch the attention of foreign tourists and create an impact on a global level. But even with great efforts, travelers still mind spending on unnecessary things such as souvenirs and memorabilia.
A recession makes it difficult for tourism businesses to attract more people. Also, a recession leads to the economic downfall of a nation relying on tourism as one of the biggest sources of income.
Milton, Thangasamy. “Recession and Its Effect in Tourism and Hospitality Industry.” Emerging Indian Economy in 21st Century: Challenges and Opportunities, 2017.
Sheel, Atul. “US Economy, Recession and Its Impact on the US Tourism, Hotel and Restaurant Business: A Brief Review.” Journal of Hospitality Financial Management, Vol. 16: Iss. 2, Article 8, 2018.
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