Regions such as heritage, shopping or entertainment /geographical treasures dominantly attract leisure visitors. The business traveler brings important business and often fuels the economy of cities/towns that hold no attraction for leisure visitors for example industrial or commercial towns, isolated cities or towns near important transport links such as airports or busy motorways. Business tourism brings economic benefits to these places untouched by leisure markets. This is true but business travel also complements the leisure travel industry in many ways, often sustaining the tourism sector in the off-peak season for example.
Value of the Meetings Industry
The meetings industry has developed from companies/individuals understanding of the importance of good communication for successful business. Pertinent to this, business travel developed. According to the World Tourism Organization business travel accounted for 16% of all trips taken globally. This clearly indicates the great economic importance the meetings industry has in our world today.
Essentially, all travelers’ expenditures increase the general level of economic activity in the destination. The tourism sector creates jobs and income and increases tax collection in that area. Traditionally business travelers tend to have a greater per capita value than the average leisure traveler.
For example, it is estimated that business travelers in the UK spend three times more per day than a leisure tourist. Business travel is a high quality, high yield business often characterized by lavish spending. The business traveler is generally less budget conscious than the typical leisure tourist and would spend money on entertaining guests and corporate hospitality which is also a famously a high yield industry.
The business and leisure market have a symbiotic relationship, conferences and meetings generally take place midweek (Monday to Thursday) which sustains the tourism sector for its weekend leisure market (Friday to Sunday). Therefore the meetings industry contributes greatly to the sustainability of the global tourism sector.
Investment in Infrastructure
Investment in business tourism facilities leads to regeneration of urban and city areas. It creates employment opportunities, encourages development of infrastructure and these investments also provide advantages for the leisure tourist. The leisure tourist can benefit from improved transport links such as improved roads, more flights to the destination per week and more hospitality facilities.
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