1. Introduction:
In today’s world, tourism has become one of the key factors of many countries, which contributes significantly not only to the countries’ economies, but it also helps resolving lots of problems such as employment. According to the World Tourism Organization (WTO), n.d., tourism consists of activities of people travelling and staying in places outside their usual environment for not more than one year for leisure, business, and other purposes. Nevertheless, in order to stay overseas for a period of time, travelers have to use the currency of the country that they are staying by exchanging with their own currency. Business Dictionary (n.d.) defines exchange rate among the currencies as the prices, which is influenced by the interest rates, inflation rate, political stability, and so on. However, the currency exchange rates among countries are changing every day. Consequently, tourism will be affected by the fluctuations, and it is believed that they do have both negative and positive effects on tourism. In this report, the researcher will investigate the following question, “How do USD - NZD exchange rate fluctuations influence New Zealand’s tourism patterns?” in order to provide insights for the New Zealand tourism industry as well as travelers.
Research questions:
• What is the current situation of NZ’s tourism?
• What are the effects exchange rate fluctuations have on tourism?
• What are the influences that USD - NZD exchange rate fluctuations have on NZ’s
P4) Review factors that have contributed to one declining destination (Cyprus) and one developing (Greece) in the European travel market.
There are large economic consequences on the economy of Bali. One significant impact on Bali is the foreign exchange earnings. Tourism is the fourth-largest income earner for Indonesia at around US 5.5 billion (2003). Tourism is very labour intensive, with the influx of tourists more services are required thus leading to more creation of jobs, even though it increases job opportunities and higher paying jobs,
High in the Andean mountain range, nestled on a ridge between two mountains high above the valley floor below sits the amazing city and archaeological site of Machu Picchu. Machu Picchu is about 1400 kilometers south of the Equator on the eastern slope of the Peruvian Andes. The site lies near the head waters of the Amazon River and is on the ridge between two prominent mountain peaks – Machu Picchu and Hauyna Picchu – about 500 meters above the valley bottom (Wright and Kenneth, 2-3). Machu Picchu, believed to be the royal estate of the Inca ruler Pachacuti, is the most well-known of all the Inca archaeological sites. Professor Hiram Bingham discovered the site in July of 1911 and excavated it with the help of National Geographic and
The graph shows the latest sterling exchange rate against most leading currencies which is the Brazilian Rate.
Tourism has greatly increased over the years and has brought people of different cultures closer. There are many places to go explore and learn about how other live in different countries. Tourism has allowed travelers to the world around them, however the impacts from tourism on the host country are not known by many of the travelers. Some of these impacts from tourism can be negatively affecting the host country and those travelers who do not educate themselves on where they are going are most likely contributing to the negative impact. The Kayan people are one of the societies that are greatly affected by the tourism that comes to their village. The women are the main attraction of the village due to the rings that they wear around
Tourism is an endeavour sought by an individual or a party of individuals, which leads to a movement from one place to another with the idealism of a specific task, to visit a place or several places with the primary purpose of achieving entertainment and increasing knowledge of countries, cultures, and their history. The expression ‘largest industry in the world’ is universally used with mention to tourism, ensuring its recognition as the largest generator of wealth (over 11.7% of the global gross domestic product) and employment (7% of the world’s jobs); this shows that tourism is indeed an important industry that depends on culture and legacy.(Budeanu, 2002) Vancouver is feasibly one of the most prevalent tourist destinations in Canada
Tourism plays a vital role in economic development in most countries around the world. The industry has not only direct economic impact, but also significant indirect and influential impacts. There is agreement among experts that the travel and tourism sector is the fastest growing of global economy. According to the latest UNWTO World Tourism Barometer, international tourism receipts surpass US$ 1 trillion in 2011, growing about 3.8%up from 2010 (WTO, 2012).
Britain has been over the news due to the British exit the European Union, which this event is known as Brexit (Hunt, 2016). This decision brought a large impact on every country in Britain, but the Britain has not started negotiate with European Union about adapting regulations to minimize their negative consequences. Before people can list potential impacts of Brexit on Britain’s tourism, it is important for people to understand how well the Britain was doing in the tourism industry. In addition, it is important to analyze and understand what type of tourism impacts on Britain. So, people would know how Brexit will change its policy and what impacts will bring to their current life. It will provide an idea of how the changes of regulations will impact different countries and the region. Thus, it provides an understanding of how tourism helps to develop the Britain in terms of environmental impacts, socio-cultural impacts, and economic impacts.
I am writing a report explaining the importance of UK visitor attractions to tourism. In my report I will be including statistics and data to support my explanation.
Another aspect of impact of tourism on a country’s economy is that it facilitates the expansion of the market of goods and services. Foreigners come to a country willing to spend money on different goods and services, thus increasing the amounts of sales. This is a great chance for producers and service providers to receive larger profits. This concerns not only hoteliers, tour operators, and souvenir shops owners. Public transportation, retail stores of different kind, restaurants, and cafes benefit from international tourism. Obviously, if these industries are in demand, businesses will be expanding. On the one hand, it means that more money is paid to the budget. On the other hand, profits generated by the owners are spent inside the country, affecting almost all the fields of the
1).The relationship between Hospitality and Tourism: Tourism and hospitality go hand in hand, the hospitality industry offer services like accommodation, transportation, food and beverage, recreation and leisure. Tourism is the activity by the tourists where they engage in travelling to destinations where they want to experience recreational and leisure activities and most of the time avails of accommodation, food and beverage. The hospitality industry is the supplier of the services for tourism. The meaning of hospitality is providing a safe and enjoyable environment for patrons. It also means responsibly serving liquor, to ensure that patrons do not become unduly intoxicated and subsequently a problem for management, staff and the
This report contains information about how Northamptonshire can be improved from a tourist perspective, also this report will highlight the main challenges that Northampton is facing as a tourist destination, in addition this report is going to focus on how Northampton can be improved to make it more attractive to tourist all over the world.
On the other hand, exchange rate has an impact on the relative attractiveness of Australia as a place to travel by overseas visitors and also has some impact on the number of Australians travelling overseas and their travel destinations.The major factor which affects the performance of the hotel industry is the extent to which the investment and growth in room supply increases relative to room demand.
The Travel and Tourism industry is still one of the largest single businesses in world commerce and its importance is widely recognized. The tourism industry is now one of the largest sectors earning foreign exchange. In the face of many benefits, many countries have started assigning due weight age to the tourism industry in their national development agenda. Tourism is an industry that operates on a massively broad scale: it embraces activities ranging from the smallest sea-side hotel; to air-lines, multi-national hotel chains and major international tour operators. Originally, non-traditional industries such as tourism emerged as a solution to strike a balance between ecology and industry
Aim: This study empirically investigates the effect of world income and the relative price of tourism in X economy based on demand for export of tourism.