Tourism market demand: recent trend of customers in emerging economies - Essay Example

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According to the World Tourism barometer, the tourism industry has been changing rapidly in the international markets and changes in the trends of the customers in the tourism markets are likely to produce to positive results of tourism in near future. …
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Tourism market demand: recent trend of customers in emerging economies
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Download file to see previous pages The tourism industry is one of the important businesses in the service sector of the emerging economies. According to the World Tourism barometer, the tourism industry has been changing rapidly in the international markets and changes in the trends of the customers in the tourism markets are likely to produce to positive results of tourism in near future. The activities of the tourism have been a huge source for the economic growth of the emerging markets. The inflow of tourists has led to the increase in foreign currency and cash flow in the emerging markets that have played the crucial role of stimulating the market demands. The changes in the recent trends of the customers of the tourism industry have been favourable for the destinations and the markets in the emerging economies as it contributed to the growth of the economy and also creating employment opportunities in the markets (Waheeduzzaman, 2008, p.312). The recent trend of tourism in the emerging markets could be explained by the theoretical framework of tourism. The social media and the information and communication technologies have played a significant role in the growth of tourism in emerging markets. The role of social media has wide implication for the tourism industry and the customers in the emerging markets. The contribution of the social media and the information and communication technologies, the implications of its wide use on the tourism industry could be considered as important factors for explaining the recent developments on customer trends in the tourism markets of developing countries....
The emerging markets are those markets that have achieved rapid growth in economy in a short span of time. The emerging markets are those markets that are in a transition phase to close the economic gap with the developed countries. The tourism industry has always made important contributions for the growth of economy of the emerging markets through increasing activities of tourism (Szivas and Riley, 1999, p.759). The inflow of tourists to these economies has brought changes in the customer demands in these markets. Due to the rise in demand of the customers, the tourism market demand has increased which have stimulated the growth rate of the emerging markets. According to the recent trends in the tourism markets in the developing countries, it could be forecasted that emerging markets like the BRIC countries consisting of Brazil, Russia, India and China are likely to surpass the developed economies like US, UK, Germany, France, Italy, etc. by 2050. According to the UN World Tourism, the activities of the tourism industry have undergone rapid changes in terms of the preference over the destination of the customers or the tourists. After the dawn of the twenty-first century, the tourist market demands have resembled a shift from the developed economies towards the emerging markets. The tourism industry in the developed markets has grown by 31.4% in a cumulative fashion while the tourism industry in the emerging markets has grown cumulatively by 89.1% in the twenty-first century. The recent customer trends in the tourism sector shows that the emerging markets have been chosen to be preferable destinations by the tourists over the destinations in the developed countries (Tisdell, 1995, p.48). This has led to the rapid growth of ...Download file to see next pagesRead More
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