Operation and Competition Study of UK Tourism Industry - Term Paper Example

The paper "Operation and Competition Study of UK Tourism Industry" is a brilliant example of a term paper on finance and accounting. Now, tourism has become an important tertiary industry and in some countries or regions, it even becomes the largest pillar industry of the economic income. In the UK, tourism has become one of the most important factors that contribute to the growth of the UK’s economy. According to Blair (2001), tourism contributes to up to 90 billion pounds of UK GDP every year, if the supply chain takes into account, the contributions would be up to 115 billion pounds. Affected by the global financial crisis and economic recession that happened in 2008 and the terrorist attacks of 911, the tourism of the world as well as the UK had faced a recession for a short-term. But Global tourism industry started to recover and began to flourish since 2011 and United Kingdom in this respect is obvious and prominent since the London Olympic Games in 2012. Mintel (2011) finds that there is more than 12 million overseas residents’ holiday visiting the UK in 2010 and it is expected to increase to 17 million in 2016. What’s more, according to Passport GMID (2012), the number of overseas arrivals to the UK increased by 2% to 29 million in 2011. These numbers exclude domestic tourists. Mintel (2012) did research and found that the volume of domestic tourism in 2011 was 58.4 million and it was about 55.5 million this year. Compared to 2011, the total number is decreased. However, because of the Olympics and the Queen’s Jubilee, the numbers of domestic tourists and inbound tourists from June to August are the most in recent years (Mintel 2012). There is no doubt that tourism has become one of Britain's most important engines that promote the UK’s sustained economic growth.

In addition, Britain's tourism industry has become one of the significant factors that had raised the UK employment rates by attracting more than 20 million businesses into the country and employing a total of 1.36 million employees which accounted for 4.4% of the total population of the country (Paton, 2007). In fact, the tourism industry is labor-intensive and the practitioners have different geographical distributions that each employee would be in charge of the tour of a different area of location (Smith, 1988).