The tourism industry is worth US$6 trillion globally and employs 258 million people, according to information that came out of the World Travel and Tourism Summit in Las Vegas from 17-19 May.
Billed as ‘the foremost gathering of global travel and tourism leaders in the world’, the event is in its 11th year.
Among the presentations was A New Global Mindset, which noted that travel and tourism had grown by an average of 4 per cent each year since the 1970s, with the exception of sharp recessions triggered by war, terrorism and economic slowdowns. The seminar postulated that as economic growth picked up in 2011, that trend would continue although there would be an ‘explosive shift’ from traditional Western markets to emerging markets such as Brazil, Russia, India and China. The session discussed how to deal with this potential marketing shift. Understanding investment and the challenges facing developers, investors and approval processes plus sustainable tourism growth also featured in the programme.
Industry Investment Conference
The 33rd annual International Hospitality Industry Investment conference takes place from 5-7 June in New York City.
Among the workshops are the Power of Private Equity, Luxury Tourism, Capital Expenditures, upscale service and identifying the customer. There are also seminars on social media, boutique hotels, franchising and financial issues plus political, capital markets and vacation ownership component discussion.