The tourism industry, also known as the travel industry, is linked to people traveling to other locations, either domestically or internationally, for leisure, social, or business purposes. It is closely connected to the hotel industry, the hospitality industry, and the transport industry. Much of it is based on keeping tourists happy, occupied, and equipped with the things they need during their time away from home.
What is the Tourism Industry?
So, what is the tourism industry? First, it is important to define what the ‘tourism industry‘ means. Essentially, it refers to all activity related to the short-term movement of people to locations away from where they usually reside. It is one of the world’s largest industries, and the economies of many nations are driven, to a large extent, by their tourist trade.
It is also a wide-ranging industry, which includes the hotel industry, the transport industry, and several additional industries or sectors. According to the Travel & Tourism Worldwide research report by Statista, the Travel & Tourism Industry is projected to reach $927.30 billion by 2024. It is vital to understand that the tourist industry is linked to movement to different locations, based on leisure, business, and some additional travel motivators.
With that being said, according to the most common definitions, the tourism industry does not cover activities related to travel where the person intends to stay in their destination for longer than one year. As an example, this means that expatriates and long-term international students are not technically classed as tourists.
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