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Global Travel & Tourism (TT) is evolving and efficiently spreading to the world by all means. With the enormous skills gained from suffered years of all possible experiences, it has evolved beneficially. Today with decreased fragile character and more digested proven benefits, it is evident that TT is sweeping the global markets as the most forthcoming global commercial industry.
Today, each contemporary nation and government is keen on TT and is after finding appropriate means of evaluating this new industry for their own benefits. Thus, today there is a brand new economic competition in process, where countries are attempting towards utilization of TT means for better life and environments. This incredible process has started and shall develop at a faster pace.
Together with the rise of civilization and technology, there is almost no barrier to hinder this development. With this fashionable vast development, the existing borders and regional economic character of the well known world is also changing at a fast rate. Within the recent few decades, this variation has been realized to a great extend and with no doubt shall follow in the same process.
Tourism Cake is Growing Where Partners are Crowding
It is a widely accepted phenomena that ‘world is getting smaller at all means’ but it is also a fact that it is getting more crowded with more hungry people to generate economy. In this respect, TT is a fantastic resource of producing and/or distributing the very scarce global resources to a very wide scale. The spherical TT cake is now inevitably being cooked at each and every corner of the globe.
Since all the regions are after arranging (some sort of) consumable facilities of tourism in their area, the supply side of the process is vastly growing. Hence, within the scope of the recent years, it has been underlined and reported that the ‘rising Asia destinations’ are subject to take more shares of the global cake. But what is really happening in the market details of quality and quantity respects?
Within the very complex market of Travel and Tourism, it is quite difficult to verify and measure the scope of change during the physical process. But thanks to the progressing science and technology that R&D in tourism is also evolving. TSA (Tourism Satellite Account) method, adopted by the esteemed organization of WTTC is recording and measuring this incredible change of the TT cake.
World Travel and Tourism Council of London, in cooperation with Oxford Economics has developed special methods of statistical data to collect the necessary inputs and transfer into practical regional information. A total of 181 countries are processed for their ‘tourism revenues’ within 12 different criteria through a period of 35 years. Where 10 years of this period covers the forthcoming decade.
Utilizing this valuable recent data, we are able to simply detect the direction and magnitude of the mentioned ‘development of regional global tourism’ through a simple analytical research attempt. We have worked out this study and able to display the simple picture of this change within the below presented table. WTTC is reporting more of this data, but we have further simplified the outcomes.
The Regional Shares and Development of Global Tourism
Anyone who can reach to http://www.wttc.org/research/economic-data-search-tool/ site can enjoy the existence of the pool of global data and excavate each and every details of global TT revenues. But for the sake of serving spot public curiosity, we can drive out much vital information about the global pattern from the summarized table below. The 181 countries have been shared out into 12 regions.
The most common criteria used for tourism revenues are the ‘revenues of foreign tourists’ directly for the vital element of foreign trade. This is worked out as ‘visitor exports’ and is immediately backed up with a parallel criteria of ‘direct contribution to economy’ where an additional 70% is added to the cake. But the real industrial size is composed of 5x sized cake of ‘total contribution’ as an iceberg.
Concerning the regions, as usual EU is covering the lion’s share but has lost appetite with 3.8% in the last decade. This critical weight loss is foreseen to continue with another 8.3% within the next decade. North America has similarly lost a 5.5% in the last decade but is expected to recover this. As it is clear from the figures, all 3 regions of Asia are the new winners, North Eastern coming forth.
As it is clearly visible from the table data, 3 sub-regions of Asia has gained a total of 3.9 share in the last ten years and is further subject to collect another 6.8 percent at the coming decade. This amount of share transfer from West to East gives a total of 1,176 Billion$ for only ‘foreign tourist’ dining table. Hence, the block 8.3% of above mentioned EU loss is amounting 1,436 Billion$ for the next decade.
In terms of regional growth, the global decade rate is projected to slow down a 6 percent (88.6-82.6) as compared between the recent and coming decades. It is also evident that the number of regions that gained more than double increasing rate (above 100) was 8 at the recent decade, where it is expected to be 6 at the next. North East Asia is subject to be the most developing region of the world.
Within the context of these incredible sources of data, it is possible to workout innumerable analyses and evaluations covering countries’ details and a period of 35 years. We must also underlie that TSA format is recently developed and introduced to the market, where it is collecting wider interest and acceptance in all over the world. There is no doubt that it will serve fluently for global TT market.
With this happy event of summarizing and introducing WTTC-TSA data to the attention of TT media, we have the further pleasure of serving the global meal table by practical assistance. We further wish peaceful and fruitful development to global tourism industry, as a brand new efficient economic tool to serve the collective wealth of total humanity. Good appetite for all Travel & Tourism shareholders.
Mr. Zafer Cengiz /TUYED – Association of Tourism Writers and Journalists MEMBER www.tuyed.org.tr.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
