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Factors affecting demand and supply of travel and tourism industry
- 1. FACTORS AFFECTING DEMAND OF TRAVEL AND TOURISM INDUSTRY
- 2. ADVERTISING AND MARKETING THE LAUNCH OF SEVERAL BRANDING AND MARKETING INITIATIVES BY THE GOVERNMENT OF INDIA SUCH AS ‘INCREDIBLE INDIA!’ AND ‘ATHITI DEVO BHAVA’ HAS PROVIDED A FOCUSED IMPETUS TO DEMAND AND GROWTH OF TOURISM SECTOR
- 3. DIVERSE ATTRACTIONS • INDIA OFFERS GEOGRAPHICAL DIVERSITY 37 WORLD HERITAGE SITES • 10 BIOGEOGRAPHICAL ZONES • TAJ MAHAL AND KASHMIR • INDIA’S COASTLINE IS DOTTED WITH SEVERAL BEACHES • THE GOVERNMENT OF INDIA ANNOUNCED TO DEVELOP 17 ICONIC TOURIST SITES IN INDIA INTO WORLD- CLASS DESTINATIONS AS PER UNION BUDGET 2019-20.
- 5. MARKET SIZE AND PORTFOLIO • A diverse portfolio of niche tourism products - cruises, adventure, medical, wellness, sports, MICE, eco-tourism, film, rural and religious tourism. • India has been recognized as a destination for spiritual tourism for domestic and international tourists. • International Tourists arrival is expected to reach 30.5 billion by 2028
- 6. TECHNOLOGY AND DEMOGRAPHICS • India is the most digitally advanced traveler nation in terms of digital tools being used for planning, booking, and experiencing a journey. • India’s rising middle class and increasing disposable income • The arrival of new-age travelers. (Gen Z) • individuals are mostly in their 20’s and 30’s • favor personalized, curated experiences over checklist tourism.
- 7. COVID -19 • Demand has seen an exponential decrease • The United Nations World Tourism Organization estimates a reduction of 58% to 78% in tourist traffic across the world.. • India receives 11 million foreign tourists
- 8. FACTORS AFFECTING SUPPLY OF TRAVEL AND TOURISM INDUSTRY
- 9. GOVERNMENT INITIATIVES • DekhoApnaDesh webinar series • Audio Guide facility App called Audio Odigos for 12 sites in India • Swadesh Darshan for eight Northeast states. • PRASHAD scheme. • In September 2019, Japan joined a band of Asian countries, including Taiwan and Korea among others, to enter India’s tourism market.
- 10. INVESTMENTS • India was globally the third largest - inflow of US$ 45.7 billion in 2018, accounting for 5.9 per cent of the total investment in the country. • Hotel and Tourism sector - cumulative FDI inflow of US$ 15.28 billion between April 2000 and March 2020. • 100% FDI allowed in tourism construction projects
- 11. AVAILABILITY OF RESOURCES • MANPOWER • As of 2019, 4.2 crore jobs were created • 8.1 per cent of the total employment in the country. • RICH CULTURAL AND HISTORICAL HERITAGE • Variety in ecology • Terrains and places of natural beauty across the country.
- 12. RISE OF INDIAN ONLINE TRAVEL COMPANIES • The large no of online travel companies (no of players) have resulted in greater supply • MAKE MY TRIP • TRIVAGO • IBIBO • CLEARTRIP • TRIPOTO • .
- 13. COVID 19 • More needs to be done in a coordinated way as tourism services are very interdependent • 60% decline in international tourism in 2020. This could rise to 80% if recovery is delayed until December • The Indian Tourism, Travel & hospitality is believed to impact almost 10% of GDP through its direct and indirect impact.