Exploring trends of tourism demand from the past is essential in measuring the different tourism movement volatility which occurred either nature or man-made. This study analyzes the volatility of tourism demand by data mining tourist numbers arriving in Hong Kong from 1999 to 2010. Eight different markets will be examined, both short haul and long haul, to compare and contrast the characteristic tourist profile and the behavior and attitude changes of each market according to the volume of visitors that come to Hong Kong. There have been significant changes over the past 12 years in different countries with some positive and negative impacts from natural disasters, an economic crisis and mega-events. This paper will compare and contrast different markets and analyze the tourism demand with regards to volatility in relation to the profile characteristics, spending pattern behaviors with tourist’s satisfaction level.
Hotels.com' Review of global hotel prices January — June 2014
While average hotel room prices rose globally by 4 per cent in the first six months of 2014, London prices exceeded that with a rise of 9 per cent to £127.
Cambodia is the cheapest place, with rooms only £34 in comparison.
See more: www.travelperformance.com
download: http://goo.gl/nV73SQ
International Tourism Marketing: An Analysis on Xinjiang Uygur Autonomous Reg...IOSRJBM
As XUAR international tourism industry is improving gradually, we should see there are still serious problems in its industrial structure performance. With shift-share method, Pearson Correlation method and Principal component method, based on data of XUAR international tourism foreign exchange incomes from 2006 to 2015, this paper empirically analyzes each sector of XUAR international tourism and its industrial structure performance, as well as problems in sectors of transportation, sightseeing, accommodation, cater, commodity sales and entertainment. Meanwhile this paper also puts forward solutions to increase the benefit of XUAR international tourism industry.
Effects of Coronavirus Covid 19 on Tourist Industryijtsrd
The purpose of this research is to examine the impact of the coronavirus pandemic COVID 19 on the tourism industry and to find the tourism sector that will result from this pandemic. In the absence of a similar earlier research, this research is designed to be conducted in a courteous manner. The pilot research involved 103 travelers selected on a non probability basis. The findings suggest that the current COVID 19 pandemic is likely to affect travelers behavior in terms of human safety, economic costs, beliefs and attitudes. Finally, the main findings and practical implications of this research are described in terms of crisis management, and the direction of further study is presented based on the findings and limitations of this research. Nazarbek Kamudas | Ganzorig Myagmardorj "Effects of Coronavirus (Covid-19) on Tourist Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38033.pdf Paper URL : https://www.ijtsrd.com/management/business-ethics/38033/effects-of-coronavirus-covid19-on-tourist-industry/nazarbek-kamudas
The Relation Between Exports of Main Products And Economic Growth of Key Econ...inventionjournals
This paper clarifies the literature of key product export growth and regional economic growth. The paper analyses impacts of key product export on regional economic growth and vice versa. The paper provides recent empirical evidence of the relation. Besides an evaluation of the recent relation between export growth and economic growth in Viet Nam, the paper assesses the relation between key product export and economic growth during 1996-2012 period based on quantitative and qualitative approaches. With constructed models, the paper examines the relation between key product export and economic growth and concludes that it is positive. The research findings show that key product export in every economic region contributes positively to regional economic growth although it varies in different regions. Based on existing literature and empirical analysis, the paper provides a number of strategies to improve key product export contribution to key economic regions in the most effective manner and vice versa. The paper creates a fundament for researchers and policy makers both regionally and nationally in order for developing effective orientations, policies and measures for promoting export and sustainable eoconomic development.
Hotels.com' Review of global hotel prices January — June 2014
While average hotel room prices rose globally by 4 per cent in the first six months of 2014, London prices exceeded that with a rise of 9 per cent to £127.
Cambodia is the cheapest place, with rooms only £34 in comparison.
See more: www.travelperformance.com
download: http://goo.gl/nV73SQ
International Tourism Marketing: An Analysis on Xinjiang Uygur Autonomous Reg...IOSRJBM
As XUAR international tourism industry is improving gradually, we should see there are still serious problems in its industrial structure performance. With shift-share method, Pearson Correlation method and Principal component method, based on data of XUAR international tourism foreign exchange incomes from 2006 to 2015, this paper empirically analyzes each sector of XUAR international tourism and its industrial structure performance, as well as problems in sectors of transportation, sightseeing, accommodation, cater, commodity sales and entertainment. Meanwhile this paper also puts forward solutions to increase the benefit of XUAR international tourism industry.
Effects of Coronavirus Covid 19 on Tourist Industryijtsrd
The purpose of this research is to examine the impact of the coronavirus pandemic COVID 19 on the tourism industry and to find the tourism sector that will result from this pandemic. In the absence of a similar earlier research, this research is designed to be conducted in a courteous manner. The pilot research involved 103 travelers selected on a non probability basis. The findings suggest that the current COVID 19 pandemic is likely to affect travelers behavior in terms of human safety, economic costs, beliefs and attitudes. Finally, the main findings and practical implications of this research are described in terms of crisis management, and the direction of further study is presented based on the findings and limitations of this research. Nazarbek Kamudas | Ganzorig Myagmardorj "Effects of Coronavirus (Covid-19) on Tourist Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38033.pdf Paper URL : https://www.ijtsrd.com/management/business-ethics/38033/effects-of-coronavirus-covid19-on-tourist-industry/nazarbek-kamudas
The Relation Between Exports of Main Products And Economic Growth of Key Econ...inventionjournals
This paper clarifies the literature of key product export growth and regional economic growth. The paper analyses impacts of key product export on regional economic growth and vice versa. The paper provides recent empirical evidence of the relation. Besides an evaluation of the recent relation between export growth and economic growth in Viet Nam, the paper assesses the relation between key product export and economic growth during 1996-2012 period based on quantitative and qualitative approaches. With constructed models, the paper examines the relation between key product export and economic growth and concludes that it is positive. The research findings show that key product export in every economic region contributes positively to regional economic growth although it varies in different regions. Based on existing literature and empirical analysis, the paper provides a number of strategies to improve key product export contribution to key economic regions in the most effective manner and vice versa. The paper creates a fundament for researchers and policy makers both regionally and nationally in order for developing effective orientations, policies and measures for promoting export and sustainable eoconomic development.
2 ijaems nov-2015-3-study on the relationship between tourism economy and eco...INFOGAIN PUBLICATION
With the rapid development of the tourism industry, the tourism industry in the national economy status is particularly important. This paper collects the relevant statistical data from 2013 to 1978 in Hunan Province, using regression analysis and variance analysis to study the relationship between regional tourism economy and economic growth. The results show that there is a high intensity of positive linear relationship between tourism economy and economic growth in Hunan Province, and the average level of GDP will increase by 972380000 yuan per 100000000 yuan.
The global food price shock of 2006-2008 has particularly affected poorer strata of populations in several developing countries. In Egypt and some other countries it has put food subsidy schemes to the test. This paper develops two comparable computable general equilibrium models for Egypt and Ukraine which are used to simulate direct and indirect impacts of the food price surge and various policy options on the performance of the main macroeconomic indicators as well as on poverty outcomes. The results illustrate the limited ability of realistic policy responses to mitigate negative social consequences of an external price shock. Food import tariff cuts are a partial remedy faring better than other analysed options. Furthermore, the Egyptian system of food subsidies needs substantial reforms limiting the related fiscal burden and improving the targeting of the poor population.
Authored by: Soheir Aboulenein, Heba El Laithy, Omneia Helmy, Hanaa Kheir-El-Din, Liudmyla Kotusenko, Maryla Maliszewska, Dina Mandour, Wojciech Paczynski
Published in 2010
Effect of Tourism on Economic Wellbeing of Host Communities in Cross River St...ijtsrd
This study examined the effect of tourism on economic wellbeing of host communities in Cross River State, Nigeria. The study modelled the effect of service, product, hotels, transportation and infrastructural facilities on economic well being of host communities in Cross River State. It is a descriptive survey on a sample of 400 respondents from the host communities. Data obtained for the study were analyzed using percentages, mean, standard deviation and regression analysis. From the result of the regression model it was observed that product, service and infrastructure have positive impact on the on the economic well being of the host communities. This means that if product, service and infrastructure are developed and improved, it will bring about more increase in the economic well being of the host communities. On the other hand, hotels and transportation have a negative impact on the economic wellbeing of the host communities. Thus, increase in hotels and transportation cost will bring about a decline in the economic wellbeing of the host communities. The overall significance of the model also supports the alternate hypothesis that the model has goodness of fit and is statistically significant. In other words, tourism consumption has significant impact on the economic wellbeing of the host communities. Based on the analysis and findings of the study the following recommendations are made Since tourism consumption has become imperative for economies to thrive successfully, it is imperative that government should develop and as well as regulate operators in the tourism destination to step up the quality of product, service and infrastructure provided in the tourist destination. This is because they have been found to have positive impact on the on the economic well being of the host communities. The government should also come up with policy instruments containing measures that will effectively' monitor and evaluate the operations of tourism destinations. This is necessary as this research manifest the fact that hotels and transportation cost negatively affects the host communities. In other words it will bring about a decline in the economic wellbeing of the host communities if not regulated. Anionwu, Carol "Effect of Tourism on Economic Wellbeing of Host Communities in Cross River State, Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25295.pdfPaper URL: https://www.ijtsrd.com/management/business-economics/25295/effect-of-tourism-on-economic-wellbeing-of-host-communities-in-cross-river-state-nigeria/anionwu-carol
In Central Asian countries the macroeconomic situation characterized by low level of public
investment. Peculiarities of transition economies led to greater complexity of the investment processes and
strengthened the factors opposing to IFDI.
Over the past six decades, tourism has emerged as one of the fastest growing economic sectors in the world. Through its
contribution in employment generation, infrastructure development and export revenue, it has been playing an important
role in the socio-economic progress. Expenditure incurred in the destinations on accommodation, food, entertainment,shopping etc leads to foreign exchange earnings and as a result contributes to the GDP. This has led the nations enhance their investments in the development of Travel & Tourism (T&T).
As covid 19 is on its path of disrupting and damaging world economies, the economy of India is also not unaffected. With this review paper it has been tried to find the various impacts of lockdown and covid 19 on tourism industry specifically in India. Impact of corona on Indian economy, tourism, and other parts of tourism will be analyzed with the help of content analysis. Medical tourism being hit at large will also be discussed apart from other sections of tourism in India. This paper will also attempt to gather the views on responsible tourism and will gather the suggested possible frameworks for government and bureaucrats to consider. Bringing equality, social justice and oneness are some of the important aspects associated with tourism cohesively and so an attempt has been made to draw attention towards them in the study. Abhimanyu Awasthi | Md. Soyav | Kumari Shiwani "Effect of Covid-19 on Tourism Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38070.pdf Paper URL : https://www.ijtsrd.com/management/business-administration/38070/effect-of-covid19-on-tourism-industry/abhimanyu-awasthi
Abstract
The exchange rates are at the heart of international economic relations and are an integral part of the everyday landscape of economic agents. The Tunisia like the other country is faced with the problem of determination of the rate of exchange that will allow him to achieve the major balances internal and external. The objective of this research is to explain the rate of exchange to the assistance of a number of explanatory variables to enable managers of the economic policy to appreciate in the time their contribution to economic activity. It is clear from the results of this research that have a positive influence on the equilibrium exchange rate while the external capital and the budgetary deficit have a significant negative impact on the equilibrium exchange rate.
Key words:
Exchange rate, budget deficit, exchange term, monetary mass
Trade Openness and Volatility of India’s Exports-an Analysisiosrjce
It is widely acknowledged that an economy’s vulnerability to exogenous economic shocks is largely
determined by its degree of exposure to the global economy—that is, by its degree of economic openness. In this
respect it is important to note that the size of impact depends on each country’s mix of exports and main trading
partners—that is, on its degree of export concentration. By all accounts, higher degrees of export concentration
are strongly correlated with greater volatility in export earnings. Present paper focuses on estimating the
degree of India’s openness and estimating the diversification of India’s exports calculating Herfindahl index.
The findings of the present study suggests increasing integration of Indian economy with world economy since
the initiation of reform process in 1991.It rose from 10.30 in 1987-88 to 40.58 in 2013-14. Further the findings
of the study are in line with theoretical arguments that economic openness explains the fact that an economy
may be vulnerable to external economic shocks as reflected by losses in export revenues and growth slowdowns
as the estimated correlation coefficients between variations in degree of openness and variations in earnings
from total exports and earnings from manufacturing exports (having largest share in total exports) are high and
positive. So far as product diversification of Indian exports is concerned, findings of the study suggest almost no
increase in it since 1990-91. Rather the concentration has slightly increased in recent past. Need for increasing
product diversification was also realised in Economic Survey 2012-13 after a drastic fall in exports in dollar
terms. The Economic Survey 2012-2013 presented by Finance Minister P Chidambaram in Parliament stated,
‘growth in exports can only be achieved with greater diversification of products’.
An Angry Report about Tourism and HospitalityJooRodrigues475
Join us in this (Angry) report as we will explore the ways in
which the global tourism and hospitality have evolved digitally,
taking into account the details of the passenger/consumer
experience, and ultimately how all of this has been influenced
by the Covid-19 pandemic
This paper investigates the extent of macroeconomic volatility caused by the transfer pricing behavior of multinational corporations. The study examined two possible transmission channels through which transfer pricing causes macroeconomic volatility, namely, terms of trade and budget policy channels. Using the EGARCH model with annual data on selected variables from 1980 to 2017, the paper found evidence of macroeconomic volatility caused by transfer pricing. The size of the shock from transfer pricing is high and statistically significant in the terms of trade and budget policy channels. Negative shock from multinational corporations shifting taxable income between high and low tax regimes had a larger effect than a positive shock on the country’s budget policy. The volatility caused by transfer pricing was short-lived in the terms of trade channel. However, in the budget policy channel, past volatility of transfer pricing persisted for a longer period to explain current volatility.
International Trade and Economic Growth: A Cointegration Analysis for UgandaPremier Publishers
The focus of the study was to establish whether there exists a long run relationship between various trade and other macro economic variables for Uganda for the period 1982 to 2018. The Autoregressive distributed lag (ARDL) model was used to establish the existence of a long run relationship between economic growth and trade variables. The empirical results suggest that in the short run, imports reduced development by -0.11 in second lag as P=0.025<0.005, while the exports increased development by 0.08 in the first lag as the p=0.015<0.005. But this was not true for the second lag. Lastly at all lags for the short run, inflation had positive run relationship on development (GDP). However, in the long run inflation reduced development by 0.61 ceteris-paribus at 5% level of significance.
Post Deregulation Evaluation of Non-Oil Export and Economic Growth Nexus in N...iosrjce
The impact of non-oil export on economic growth in Nigeria has been one of the most debated issues
in recent years. This study examines the role of non-oil export on economic growth since deregulation between
1986 when deregulation took effect and 2012 which previous studies might have ignored. In achieving the
objectives of the study, Ordinary Least Square Methods was employed. The study reveals that the impact of nonoil
export on the economic growth was significant and positive as a unit increase in non-oil export impacted
positively by 43% on the productive capacity of goods and services in Nigeria during the period. This is evident
in the study that the contribution of non-oil sector during the period in Nigeria has improved above the results
of other studies carried out from the pre-deregulation era. The study among other things encourages the
government to further reinforce the legislative and supervisory framework of the non-oil sectors in Nigeria and
diversify the economy to ensure utmost contributions from all faces of the non-sector to economic growth of Nigeria.
THE ROLE OF TRADE IN SOCIO-ECONOMIC DEVELOPMENT OF CRIMEA IAEME Publication
The socio-economic situation in Crimea has changed under the influence of the political events of 2014. One of the key economy sectors, the effective functioning of which is necessary for the sustainable development of the region, is trade. In this regard, the research is dealt with the trade of Crimea and its role in the socio-economic development of the region. The results have shown that in 2014–2017 the internal trade of the region demonstrated higher development rates than in 2010–2013. The slight slowdown in trade development in general is solely due to the decrease in foreign trade, which, in turn, is partly due to a change in the settlement procedure, as well as to the overall Russian policy of import substitution. Thus, despite certain difficulties that are still typical for the trade of Crimea, the main problems of the industry have been solved currently or continue to be solved through state regulation measures. Further development of the trade industry will contribute to the improvement of the socio-economic situation in the region and the well-being of its residents.
Economic Fluctuation and Its Effects on Tourism in Kish Island, Iranhamed rouzrokh
When economic recession accompany by international sanctions, market will experience the worst scenario in
three layers: political environment, fiscal, and management issues that Iran experienced from the second quarter
of 2012, due to international sanction. A field survey was applied to evaluate two target groups; shop owners and
tourists’ reactions against the economic fluctuation effects in Kish Island. Principal component analysis was
considered to analyze the data that obtained from field survey. The result shows that although the tourist chose
economizing strategies, however shop owners faced Paradoxical sphere, imbalance economy, none transparency,
high risk and uncertainty space. Shop owners try to adjust themselves through the variety of strategies based on
their capacity.
2 ijaems nov-2015-3-study on the relationship between tourism economy and eco...INFOGAIN PUBLICATION
With the rapid development of the tourism industry, the tourism industry in the national economy status is particularly important. This paper collects the relevant statistical data from 2013 to 1978 in Hunan Province, using regression analysis and variance analysis to study the relationship between regional tourism economy and economic growth. The results show that there is a high intensity of positive linear relationship between tourism economy and economic growth in Hunan Province, and the average level of GDP will increase by 972380000 yuan per 100000000 yuan.
The global food price shock of 2006-2008 has particularly affected poorer strata of populations in several developing countries. In Egypt and some other countries it has put food subsidy schemes to the test. This paper develops two comparable computable general equilibrium models for Egypt and Ukraine which are used to simulate direct and indirect impacts of the food price surge and various policy options on the performance of the main macroeconomic indicators as well as on poverty outcomes. The results illustrate the limited ability of realistic policy responses to mitigate negative social consequences of an external price shock. Food import tariff cuts are a partial remedy faring better than other analysed options. Furthermore, the Egyptian system of food subsidies needs substantial reforms limiting the related fiscal burden and improving the targeting of the poor population.
Authored by: Soheir Aboulenein, Heba El Laithy, Omneia Helmy, Hanaa Kheir-El-Din, Liudmyla Kotusenko, Maryla Maliszewska, Dina Mandour, Wojciech Paczynski
Published in 2010
Effect of Tourism on Economic Wellbeing of Host Communities in Cross River St...ijtsrd
This study examined the effect of tourism on economic wellbeing of host communities in Cross River State, Nigeria. The study modelled the effect of service, product, hotels, transportation and infrastructural facilities on economic well being of host communities in Cross River State. It is a descriptive survey on a sample of 400 respondents from the host communities. Data obtained for the study were analyzed using percentages, mean, standard deviation and regression analysis. From the result of the regression model it was observed that product, service and infrastructure have positive impact on the on the economic well being of the host communities. This means that if product, service and infrastructure are developed and improved, it will bring about more increase in the economic well being of the host communities. On the other hand, hotels and transportation have a negative impact on the economic wellbeing of the host communities. Thus, increase in hotels and transportation cost will bring about a decline in the economic wellbeing of the host communities. The overall significance of the model also supports the alternate hypothesis that the model has goodness of fit and is statistically significant. In other words, tourism consumption has significant impact on the economic wellbeing of the host communities. Based on the analysis and findings of the study the following recommendations are made Since tourism consumption has become imperative for economies to thrive successfully, it is imperative that government should develop and as well as regulate operators in the tourism destination to step up the quality of product, service and infrastructure provided in the tourist destination. This is because they have been found to have positive impact on the on the economic well being of the host communities. The government should also come up with policy instruments containing measures that will effectively' monitor and evaluate the operations of tourism destinations. This is necessary as this research manifest the fact that hotels and transportation cost negatively affects the host communities. In other words it will bring about a decline in the economic wellbeing of the host communities if not regulated. Anionwu, Carol "Effect of Tourism on Economic Wellbeing of Host Communities in Cross River State, Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25295.pdfPaper URL: https://www.ijtsrd.com/management/business-economics/25295/effect-of-tourism-on-economic-wellbeing-of-host-communities-in-cross-river-state-nigeria/anionwu-carol
In Central Asian countries the macroeconomic situation characterized by low level of public
investment. Peculiarities of transition economies led to greater complexity of the investment processes and
strengthened the factors opposing to IFDI.
Over the past six decades, tourism has emerged as one of the fastest growing economic sectors in the world. Through its
contribution in employment generation, infrastructure development and export revenue, it has been playing an important
role in the socio-economic progress. Expenditure incurred in the destinations on accommodation, food, entertainment,shopping etc leads to foreign exchange earnings and as a result contributes to the GDP. This has led the nations enhance their investments in the development of Travel & Tourism (T&T).
As covid 19 is on its path of disrupting and damaging world economies, the economy of India is also not unaffected. With this review paper it has been tried to find the various impacts of lockdown and covid 19 on tourism industry specifically in India. Impact of corona on Indian economy, tourism, and other parts of tourism will be analyzed with the help of content analysis. Medical tourism being hit at large will also be discussed apart from other sections of tourism in India. This paper will also attempt to gather the views on responsible tourism and will gather the suggested possible frameworks for government and bureaucrats to consider. Bringing equality, social justice and oneness are some of the important aspects associated with tourism cohesively and so an attempt has been made to draw attention towards them in the study. Abhimanyu Awasthi | Md. Soyav | Kumari Shiwani "Effect of Covid-19 on Tourism Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38070.pdf Paper URL : https://www.ijtsrd.com/management/business-administration/38070/effect-of-covid19-on-tourism-industry/abhimanyu-awasthi
Abstract
The exchange rates are at the heart of international economic relations and are an integral part of the everyday landscape of economic agents. The Tunisia like the other country is faced with the problem of determination of the rate of exchange that will allow him to achieve the major balances internal and external. The objective of this research is to explain the rate of exchange to the assistance of a number of explanatory variables to enable managers of the economic policy to appreciate in the time their contribution to economic activity. It is clear from the results of this research that have a positive influence on the equilibrium exchange rate while the external capital and the budgetary deficit have a significant negative impact on the equilibrium exchange rate.
Key words:
Exchange rate, budget deficit, exchange term, monetary mass
Trade Openness and Volatility of India’s Exports-an Analysisiosrjce
It is widely acknowledged that an economy’s vulnerability to exogenous economic shocks is largely
determined by its degree of exposure to the global economy—that is, by its degree of economic openness. In this
respect it is important to note that the size of impact depends on each country’s mix of exports and main trading
partners—that is, on its degree of export concentration. By all accounts, higher degrees of export concentration
are strongly correlated with greater volatility in export earnings. Present paper focuses on estimating the
degree of India’s openness and estimating the diversification of India’s exports calculating Herfindahl index.
The findings of the present study suggests increasing integration of Indian economy with world economy since
the initiation of reform process in 1991.It rose from 10.30 in 1987-88 to 40.58 in 2013-14. Further the findings
of the study are in line with theoretical arguments that economic openness explains the fact that an economy
may be vulnerable to external economic shocks as reflected by losses in export revenues and growth slowdowns
as the estimated correlation coefficients between variations in degree of openness and variations in earnings
from total exports and earnings from manufacturing exports (having largest share in total exports) are high and
positive. So far as product diversification of Indian exports is concerned, findings of the study suggest almost no
increase in it since 1990-91. Rather the concentration has slightly increased in recent past. Need for increasing
product diversification was also realised in Economic Survey 2012-13 after a drastic fall in exports in dollar
terms. The Economic Survey 2012-2013 presented by Finance Minister P Chidambaram in Parliament stated,
‘growth in exports can only be achieved with greater diversification of products’.
An Angry Report about Tourism and HospitalityJooRodrigues475
Join us in this (Angry) report as we will explore the ways in
which the global tourism and hospitality have evolved digitally,
taking into account the details of the passenger/consumer
experience, and ultimately how all of this has been influenced
by the Covid-19 pandemic
This paper investigates the extent of macroeconomic volatility caused by the transfer pricing behavior of multinational corporations. The study examined two possible transmission channels through which transfer pricing causes macroeconomic volatility, namely, terms of trade and budget policy channels. Using the EGARCH model with annual data on selected variables from 1980 to 2017, the paper found evidence of macroeconomic volatility caused by transfer pricing. The size of the shock from transfer pricing is high and statistically significant in the terms of trade and budget policy channels. Negative shock from multinational corporations shifting taxable income between high and low tax regimes had a larger effect than a positive shock on the country’s budget policy. The volatility caused by transfer pricing was short-lived in the terms of trade channel. However, in the budget policy channel, past volatility of transfer pricing persisted for a longer period to explain current volatility.
International Trade and Economic Growth: A Cointegration Analysis for UgandaPremier Publishers
The focus of the study was to establish whether there exists a long run relationship between various trade and other macro economic variables for Uganda for the period 1982 to 2018. The Autoregressive distributed lag (ARDL) model was used to establish the existence of a long run relationship between economic growth and trade variables. The empirical results suggest that in the short run, imports reduced development by -0.11 in second lag as P=0.025<0.005, while the exports increased development by 0.08 in the first lag as the p=0.015<0.005. But this was not true for the second lag. Lastly at all lags for the short run, inflation had positive run relationship on development (GDP). However, in the long run inflation reduced development by 0.61 ceteris-paribus at 5% level of significance.
Post Deregulation Evaluation of Non-Oil Export and Economic Growth Nexus in N...iosrjce
The impact of non-oil export on economic growth in Nigeria has been one of the most debated issues
in recent years. This study examines the role of non-oil export on economic growth since deregulation between
1986 when deregulation took effect and 2012 which previous studies might have ignored. In achieving the
objectives of the study, Ordinary Least Square Methods was employed. The study reveals that the impact of nonoil
export on the economic growth was significant and positive as a unit increase in non-oil export impacted
positively by 43% on the productive capacity of goods and services in Nigeria during the period. This is evident
in the study that the contribution of non-oil sector during the period in Nigeria has improved above the results
of other studies carried out from the pre-deregulation era. The study among other things encourages the
government to further reinforce the legislative and supervisory framework of the non-oil sectors in Nigeria and
diversify the economy to ensure utmost contributions from all faces of the non-sector to economic growth of Nigeria.
THE ROLE OF TRADE IN SOCIO-ECONOMIC DEVELOPMENT OF CRIMEA IAEME Publication
The socio-economic situation in Crimea has changed under the influence of the political events of 2014. One of the key economy sectors, the effective functioning of which is necessary for the sustainable development of the region, is trade. In this regard, the research is dealt with the trade of Crimea and its role in the socio-economic development of the region. The results have shown that in 2014–2017 the internal trade of the region demonstrated higher development rates than in 2010–2013. The slight slowdown in trade development in general is solely due to the decrease in foreign trade, which, in turn, is partly due to a change in the settlement procedure, as well as to the overall Russian policy of import substitution. Thus, despite certain difficulties that are still typical for the trade of Crimea, the main problems of the industry have been solved currently or continue to be solved through state regulation measures. Further development of the trade industry will contribute to the improvement of the socio-economic situation in the region and the well-being of its residents.
Economic Fluctuation and Its Effects on Tourism in Kish Island, Iranhamed rouzrokh
When economic recession accompany by international sanctions, market will experience the worst scenario in
three layers: political environment, fiscal, and management issues that Iran experienced from the second quarter
of 2012, due to international sanction. A field survey was applied to evaluate two target groups; shop owners and
tourists’ reactions against the economic fluctuation effects in Kish Island. Principal component analysis was
considered to analyze the data that obtained from field survey. The result shows that although the tourist chose
economizing strategies, however shop owners faced Paradoxical sphere, imbalance economy, none transparency,
high risk and uncertainty space. Shop owners try to adjust themselves through the variety of strategies based on
their capacity.
The Impact of the Egyptian Political events during 2011 on Hotel Occupancy in...kassem2020
This paper explores the impact of the political events during 2011 in Egypt on the occupancy rates of Cairo hotels in order to contribute to an enhanced understanding of the consequences of these events for the hotel industry in Cairo and the Egyptian economy. It also evaluates the short-term responses of the government and Cairo hotel managers regarding the decreased occupancy rates. To date, there has
been no published work on this subject despite its importance. This paper will fill this gap.
Through this presentation the current trends which are impacting over the UK travel and tourism sector has been evaluated and illustrated. Statistics are used in order to show proper data analysis.
Tourism as a multiplier effect in economy: the case of Albaniainventionjournals
Tourism is an important economic activity in most countries worldwide. This sector has significant direct and indirect impact in the economy. The determination of the multiplier effect of tourism is very important part of economy. The multiplier effect measures the expenditures done on other part of economy, rather than tourism. Tourism not only creates job but also encourages growth on other sectors of industry.
Executive summary of the United Nations World Tourism Organization (UNWTO) and International Labour Organization (ILO) research: “Economic Crises, International Tourism Decline and its Impact on the Poor: An Analysis of the Effects of the Global Economic Crisis on the Employment of Poor and Vulnerable Groups in the Tourism Sector,” conducted as part of UN Global Pulse’s Rapid Impact and Vulnerability Assessment Fund (RIVAF). For more information: http://www.unglobalpulse.org/projects/rapid-impact-and-vulnerability-analysis-fund-rivaf
Remittance inflow and economic growth the case of georgiaAzer Dilanchiev
Abstract:
Remittance inflow become one of the main source of capital flows in the world. It is noted that remittance is
very effective in promoting household welfare and as an alternative source of capital inflow. However in it
uncertain whether or not it leads to economic growth. This article examines the effects of remittances inflow
on economic growth in Georgian republic. The impact of remittance inflow on GDP growth was analyzed and
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Volatility of Tourism Movement in the Hong kong Inbound Market
1. WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION
Journal of Tourism Management
JUNE 2013 VOL.1, No,4
Volatility of Tourism Movement in the Hong kong
Inbound Market
Kaewta Muangasame (Corresponding author)
Tourism and Hospitality Management Division
Mahidol University International College
999 Phutthamonthon 4 Road, Salaya, Nakhonpathom
Thailand 73170
Nate-tra Dhevabanchachai
Tourism and Hospitality Management Division,
Mahidol University International College
999 Phutthamonthon 4 Road, Salaya, Nakhonpathom
Thailand 73170
Accepted 9 June 2013
Abstract
Exploring trends of tourism demand from the past is essential in measuring the different tourism
movement volatility which occurred either nature or man-made. This study analyzes the volatility of
tourism demand by data mining tourist numbers arriving in Hong Kong from 1999 to 2010. Eight
different markets will be examined, both short haul and long haul, to compare and contrast the
characteristic tourist profile and the behavior and attitude changes of each market according to the
volume of visitors that come to Hong Kong. There have been significant changes over the past 12 years
in different countries with some positive and negative impacts from natural disasters, an economic crisis
and mega-events. This paper will compare and contrast different markets and analyze the tourism
demand with regards to volatility in relation to the profile characteristics, spending pattern behaviors
with tourist’s satisfaction level.
Keywords: volatility, tourism movement, Hong Kong, tourism demand, inbound market
1. Introduction
Hong Kong was considered as a ‘shopping paradise’ by most tourists, (Choi et al, 1999). As a
result, there is a massive increase in the number of visitors every year; even with the negative aspects of
a crowded, busy and stressful urban environment. In addition, the instability of negative and positive
events such as SARS, economic crisis is also influenced the tourism demand. As a result, this study is
analyzed the volatility of tourism demand by using tourist numbers arriving in Hong Kong from 1999 to
2010 for data analysis. Eight different markets will be examined, both short haul and long haul markets,
to compare and contrast the characteristic tourist profile and the behavior and attitude changes of each
market according to the volume of visitors that come to Hong Kong. There have been significant
changes over the past 12 years with some positive and negative impacts from natural disasters, an
economic crisis and mega-events. Different countries have experienced different impacting events.
This paper will compare and contrast different markets and analyze the tourism demand with
regards to volatility in relation to the profile characteristics, spending pattern behaviors and attitude with
tourist’s satisfaction level. In this paper, the literature review will identify the impact of tourism demand
in relation to volatility of Hong Kong tourism movement. Secondary data from the Hong Kong Tourism
board visitor statistics between 1999 and 2010 will be analyzed in order to understand the trend line
from eight markets reflecting the impact of tourism demand, tourist characteristic profiles in
demographic changes and tourist satisfaction & spending pattern within Hong Kong. Limitations and
suggestions for future research are addressed.
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2. WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION
2. Literature Review
2.1 Impact of tourism demand
Many scholars have stated the varied impact from tourism demand. From literature reviews,
potentially important factors can be examined, indicated as follows: Wang (2009), tourists are affected
mostly by Safety and Health impacts which are the key to maintain demand in both international and
domestic markets. It was shown that SARS, in the year 2003, was ranked as the number 1 impact on
inbound tourist arrival numbers, followed by the earthquake in September, 1999 and by 9/11 in 2001.
On the other hand, the world financial crisis has had less of an effect on arrival numbers when compared
to those three events. In addition, Chu (2008; Huang&Min, 2002; Lim&McAleer, 2005; Okumus,
Altinay, &Arasli, 2005; Pizam&Fleischer, 2002; Prideaux&Witt, 2000) stated that natural disaster
impact(s) on tourism and they have determined that they do affect the tourism industry.
Wang (2009) also added that tourist arrival numbers can fall dramatically in the immediate
aftermath of an event, yet recover just 1-2 years. Income is also the most frequently used explanatory
variable when investigating tourist demand studies, (Jensen, 1998 and Dritsakis, 2004).
The research of Vanegas & Croes (2000) also supported that tourist income is an important factor
influencing tourist visits. Lim & McAleer (2001) looked at macroeconomic factors such as price and
exchange rates in relation to the effects of income. They also examined long term interaction of tourists
from Hong Kong and Singapore to Taiwan. The change of international and domestic policies and plans
such as a ban on, or a liberalization of, the tourism market and governmental efforts in environmental
concerns could result in increasing the number of tourist arrivals, (Kim & Wong, 2006). Similarly,
Hiemstra and Wong (2002) researched tourism arrival numbers before and after the transfer of
sovereignty of Hong Kong to China as a dummy variable to predict tourist arrivals from six major
countries to Hong Kong. Their study showed that the number of tourist arrivals increased more sharply
after the transfer of sovereignty than before.
Lastly, an increase of tourism demand could come from positive activities such as international
events: world fairs, sporting events and special campaigns from destination marketing organizations.
These mega-events could affect tourism demand during those periods, (Crouch 1994b; Qiu and Zhang
(1995); Tan, McCahon, and Mliller 2002). However, the negative impacts on tourism demand such as
natural disasters, terrorism and economic downturns have a greater influence than positive impacts as
people tend to be more sensitive to negative messages, (Diamond and Campbell 1990). Tourism demand
reacts sensitively to change of environments surrounding tourist flow depending upon characteristics of
the news, (Mansfeld, 1999; Pizam 1999). Nevertheless, Frechtling ( 1996) stated that the more
volatility there is in activity, the more difficult it is to discern patterns that can help us forecast futures.
2.2 Volatility in tourism movement
Volatility in tourism is defined as the impact of shocks to the industry that lead to periods of
relatively large upturns and downturns of activity, Volatility in tourism is also referred to tourism
forecasting to predict the trend for tourism policy development. Furthermore, there have been very
few applications of using volatility models in tourism fields, (Coshall, 2009), even though it has been
very popular for empirical research in Finance and Economic metrics since early 1990. However, it can
be criticized that the volatility model is not straightforward to understand. Thus, this study will focus on
the key effects of inbound tourist demand volatility in Hong Kong from 1999 to 2010. In addition the
trend line during those periods of the top eight countries as Taiwan, Japan, Korea, Singapore, USA, UK,
Australia and Canada will be identified the stability of tourism demand according to tourist’s profile
characteristics, tourist behavior-spending patterns and attitudes towards satisfaction.
2.3 Hong Kong inbound market background
In macro perspectives, World tourism Organization (2011) reported that the International tourist
arrivals in Asia and the Pacific reached a historic high of 204 million in 2010. These results confirm
Asia as the world’s strongest growing region of the past two years. In addition out of North-East Asia,
Japan, North Korea, and South Korea, China had the best performance.
WTO (2011) also reviewed the tourism trends in 2010 and found that the most significant change
among the top ten of international arrival was the growth of China overtaking both the United Kingdom
and Italy within a few years. The economic boom in China after 2007 brought this country up to higher
performance both in outbound market receipts to fourth position, with Hong Kong entering the top ten
at number 9 from the 12th position.
The Hong Kong Tourism Commission (2011) reported that the tourism performance of inbound
market in 2010 is the first time Hong Kong surpassed a record-high of 36 million visitors from around
the world, a remarkable increase of 21.8% over 2009. The improving global economy and travel
81
3. WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION
sentiment have fueled this impressive performance.
In addition, short haul markets increased; particularly arrivals from Taiwan by 7.7%. A favorable
exchange rate and strong outbound numbers from Japan and South Korea also went up as well as an
increase in arrivals from South and South-East Asia due to increased flight capacity. Furthermore, the
long-haul markets have improved from global economic situation and rejuvenated business and
vocation arrivals which resulted in a 10.5 % growth rate over 2009 to 4.7 million. In particular, the US
remained the largest long haul market with a 9.5% increase. Emerging markets including India
( +44.8%), the middle East ( +20.7%) and also Russia ( +102.0%) also experienced a remarkable
increase in arrival numbers, ( UNWTO.org, 2011).
3. Methodology
Secondary data was used in this study. The data was collected mainly from the Hong Kong
Tourism board visitor statistics between the years 1999 and 2010 for 8 countries, (Taiwan, Japan, Korea,
Singapore, USA, UK, Australia and Canada), based on top ranking inbound tourists excluding mainland
China to find the variable between short haul and long haul travelers.
In this paper, 8 different markets attracted to Hong Kong (both short haul and long haul) will be
identified and how volatility affected the trend line from 1999 to 2010. Tourism demand and particular
impacts are evaluated to enable more accurate future tourism forecasting of the number of inbound
tourist arrivals. In addition, this study will analyze the tourism demand impact from the data including
comparing and contrasting profile characteristics, behavior towards spending patterns and attitudes with
satisfaction level.
4. Results
From the result, the inbound market to Hong Kong was shown comparative top market in the trend
line (Figure1) between 1999 and 2010. Long-haul inbound tourists, the top 4 including USA, UK,
Australia and Canada were analyzed as well as the top short-haul inbound market from Taiwan, Japan,
Korea and Singapore.
Figure 1: Comparing the trend line of inbound markets in Hong Kong (1999-2010).
4.1 Long-haul inbound tourists – Top 4 (USA, UK, Australia and Canada)
To analyze the situation of the US inbound tourist, it can be evaluated starting from 1999, a year of
great volatility by natural disaster- serious earthquakes around the world with more than 20,000 people
dead, causing economic downturns and homelessness as can be seen in figure 2. However, this market
recovered very quickly as shown by the stability of tourist number arrivals between 2000 and 2002.
After the September 11, 2002 outbreak, the shock of the news affected people in the US and around the
world. As a result, the US inbound market steadily dropped again but less than in 1999. The SARS
outbreak lowered all the inbound markets in 2003 including the US market. However, it increased
rapidly in 2004 and continued to be stable until 2006 before reaching its highest point in 2007 of the 12
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4. WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION
years of the survey. The growth of economic in China and India affected the unstable situation to US
inbound market during 2008 -9 recession, resulting the increasing unemployment and lowest disposable
income of US people during crisis, Lapavitsas ( 2009).
Figure 2: Big earthquakes of 1999
source: the millinium group (http://www.tmgnow.com/repository/planetary/1999earthquakes.html)
It can be shown that in last 12 years the US inbound market was quite stable, only in 1999 and
2003 which were rapidly volatized. The trend line shows only slight growth of this market. Focusing on
tourist profile characteristics comparing the high-low level of tourist arrivals from 1999-2010, US
tourists mainly came for business rather than leisure; therefore, this market depends upon the economic
& investment situation.
The UK market is not striking when compared to other long haul markets. As seen in the trend line from
1999-2010 that this market slightly increased, even though in 1999 was a serious earthquake but it did
not directly influence the UK market compared to the US market. The main volatility was in 2003 with
the SARS outbreak from the destination point. In 2007 the UK numbers reached their peak as well as
with the US and started to drop again due to the economic recession in 2008 and continued until 2010,
unlike other long haul markets in this paper, which slightly increased in 2010.
In the last 12 years the UK inbound market was quite stable, only in 1999 and 2003, which was
slightly volatile. To sum up, the trend line shows only slight growth of this market and then begins to
decline after 2007. In 2010 World Tourism Organization reported that the United Kingdom was the only
market among the ten to record a drop in expenditure (-2%) – due to the weak economy and a
weakening of the pound sterling.
The Australian market trend line rapidly grew after 2004 as compared to the UK market. There
were two points of volatility in 2003 with the SARS outbreak and in 2009, which was a result of a
recession and joblessness in the Australian economy. It was being overwhelmed by the global financial
crisis and external growth shocks, the same as other markets, ( BBC.co.uk, 2009). However, the
recession was short-lived and therefore had less of an impact on the inbound market as shown. The
peak period of tourist arrivals was in 2007 and 2008 during the China economic growth.
The Canadian market trend line showed rapid growth after 2004 as compared to the UK market.
There were two points of volatility in 2003 with the SARS outbreak and in 2008-09, which was affected
by a recession. However, the Canadian recession wasn’t as brutal; it was the only G7 nation to have
recouped its losses from the 2008-2009 recession, both GDP and employment remain below
pre-recession levels in the other six countries, (Grant, 2011). As a result, this market has arisen again
in 2009 and will continue to grow if there are no unforeseen events. As WTO (2011) reported the
greatest amount of movement of top ten tourism spenders came from Canada, which moved up two
positions to number six. In this case, the appreciation of their respective currencies has clearly helped.
4.2 Short haul inbound tourists in Hong Kong (Taiwan, Japan, Korea, Singapore)
The Taiwan market was in a mature stage, which has continually declined in the last 12 years.
Their numbers dropped three times during these periods shown in the numbers from 1999, 2003 and
2009 from the negative events following the earthquake, SARS and the recession. It was similar to
others. Interestingly, the trend line is linear which was slightly tired. It may need to consider the new
product for this position. The peak was in 2007, a result of the Chinese economic boom.
Japan is well known as a sensitive market. As it can be seen in the trend line, the year 2003 was
83
5. WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION
adversely affected by the SARS outbreak, which was linked to health and security concern as the main
determinant factors. There were only two markets in this survey that sharply dropped during the SARS
outbreak; the US and Japan.
The Korean market was unique in that it has been steadily growing since 2004 to 2007 and then
sharply dropped in 2009 after the previous drop from SARS in 2003. Political issues and a weakened
exchange rate were the main factors in determining Korean traveling abroad, (Chang & McAleer, 2009).
All inbound markets were affected by the recession, but especially the Korean market. As Oh (2005)
suggested, important variables such as exchange rates play a critical role in tourism demand. Model
specifications could be taken into account and a multivariate approach of multivariate co-integration
could be adopted to improve the tourism model performance.
The Singaporean market trend line rapidly grew after 2004 as compared to the Japanese and
Taiwanese market. The only point of volatility was in 2003 with the SARS outbreak. Interestingly,
during the recession of 2009, all of the top inbound markets were volatilized except Singapore. There
are some particular circumstances which caused Singapore to remain in the same position and slightly
increase in 2010.
5. Discussion
5.1 Tourism demand impact
Song et al (2009), proposed that the demand of tourism is dependent upon the economic situation
and reflects visitor income expenditures and suggested that the income levels of source markets are the
main drivers of tourism demand for Hong Kong in the long run, especially in long haul markets:
(Australia, US, UK ). For growing economies, (China and Korea), is highly elastic income from the top
markets in finding of this study. As mentioned above, the trend lines of those top markets were
illustrated related to Song’s et al research. However, there are various key factors that determine tourism
demand from external factors, which may have an impact on tourism demand by affecting the ability to
travel (freedom, time, money, fitness) and motivation. On the other hand, consumer behavior is also
driven by internal factors of demand such as motivation and abilities. Therefore, the impact of a change
of a single external factor is limited, (Lohmann. 2004). To understand the volatility of tourism
movement both of these factors could be combined with a focus on origin market and its destination.
This study emphasis is on the key factors from both internal and external factors which are the
main influences on tourism demand such as “Safety and Health.” As shown during the12 years of this
survey, the trend line dramatically dropped in every country from the earthquake of 1999 and SARS in
2003. The natural disaster in 1999 showed a decrease in numbers, thereby reflecting the effect of
tourism demand in this regard. However, Wang (2009) stated that the negative effects this event could
recover in just 1-2 years. It can be argued that it depends on the origin market how healthy economics as
well as demographic changes in terms of tourist behavior. In addition, Pine & Mckercher (2004)
reviewed that the SARS situation the visitors declined almost 80 percent from previous years, resulting
airline passenger 80%, hotel occupancies around 90 percent, which the massive cost reduction methods
had been used after post-recovery stage.
On the other hand, positive activities such as international events can influence tourism demand.
Getz (2008), emphasized that a mega-event can increase the number of tourists in the year of the event
by roughly 8% above the predicted amount. In the year 2010, the World Expo in Shanghai contributed
approximately US $1,456 million into the Chinese economy. This study shows a increase in the number
of visitors during the event period, which assumed that the World Expo could be one of the factors in
driving tourism demand. In addition, 2010 was the first time that the number of arrivals surpassed the
30 million mark as a result of an improved global economy and tourism business has fueled this
impressive performance in Hong Kong, ( Hong Kong tourism commission, 2011).
5.2 Tourist Characteristic profiles in demographic changes
It is interesting to look at the tourist characteristic profile changes in relation to the different
emerging patterns. As was shown in Table 1, tourist characteristics combined the visitor’s educational
background, average age, gender, types of traveling and whether or not they had had a prior visit. These
factors can be examined to find inbound tourist behavior changes during last 12 years. Travel behavior
is influenced by many factors in terms of a traveler’s socio-demographic background such as age,
income, length of stay and trip expenditures, (Sheldon, 1986; Sheldon & Mak, 1987; Thompson &
Pearce, 1980, Hsieh et al, 1993 & 1994; Lang, 1995). Interestingly, The travelers who prefer Asia are
food lovers, work oriented, less concerned about their health and less security conscious, are more likely
to be risk taker and spend on luxuries, such as eating out and shopping for stylish and fashionable
clothes, ( Kattiyapornpong and Miller, 2011).
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The results allow us to identify three main points of demographic changes. Firstly, it is the female
market in Hong Kong that generally increased starting in 1999. As can be seen in the increase in the
number of female tourists, the Hong Kong positioning of itself as a shopping paradise can be
summarized as a good target fit. However, there were mature markets such as the USA, Taiwan, Japan
where the number of female visitors were higher than the male and also the expenditures still high. A
new campaign to appeal to this market should be considered to rejuvenate tourism numbers. In other
words, it is crucial to emphasize destination facilities and security to meet the needs of this target.
Secondly, the average ages of this top markets were between 34 to 48 years. It was noticed that majority
were from the employment market. In addition, this generation may well be more adventurous. WTO
(2010) recommended focusing on this target by providing flexible leisure time for them. In this case, the
suggestion was provided for the government policy in terms of the quality life. Lastly, the first time
visitor and repeat visitor are different. Lau & Mckercher (2004) proposed that these two targets have
different motivations, first time visitors were motivated to visit Hong Kong to explore, while repeat
visitors came as consumers; intending to shop, dine and spend time with family. This study found that
there were two markets; Taiwan and Singapore and that the repeat visitor numbers were much higher
than from other markets since 1999. In addition, Australian repeat visitor numbers increased in 2003.
Interestingly, the expenditures by them were also high. As a result, there is some significant correlation
between spending power and prior experience, which could be explored.
Seldon & Mak (1987) found that travelers who were older and single women with higher incomes
tended to travel on package tours. In the study of Kozak (2002), different factors such as age and
income may have had an influence on destination choice. In addition, Hsu & Lam (2003) viewed that
the Mainland Chinese visitor had relatively low income as the cost of visiting Hong Kong was too high
for most residents of Mainland China. It can be argued from the finding in this study that the trend is
changing as currently the Chinese mainland market has the biggest proportion of visitors and high
spending power. The tourist demand trend always is changeable and dependent upon internal and
external factors as mentioned by tourism demand impacts.
This study found that only the Japanese and Korean markets had continually selected package tours
for their trips to Hong Kong from 1999 to 2003 and then began to become increasingly more of an
independent traveler. However, if compared to other top markets in this paper, these two markets are
still more favorable with package tours than the other markets. The factors affecting travel choice may
be more complicated for international travel rather than for domestic travel decisions. Therefore,
understanding the choice of package and non-package travelers in terms of socio-demographics, travel
characteristics, and psychographic attributes may help influence tourism development and planning as
well as promotional and marketing strategies, (Hsieh et al, 1993).
5.3 Tourist Satisfaction & spending patterns within Hong Kong
Hong Kong was positioned as a shopping paradise. Shopping leisure is one of the most popular
tourist activities in global tourism, (Law and Au, 2000). Therefore, the attitude towards the level of
satisfaction of the inbound market in Hong Kong has been evaluated from 1999-2010. Overall
satisfaction of four main categories included value of money, shopping, hotel, dining and sightseeing.
There was quite a huge gap in satisfaction; between 50 and 80 percentage points. For example, the level
of satisfaction towards value of money for Taiwan market was quite low (47.6 and 38.4) as compared to
others. Chang et al (2006) proposed that the Taiwanese tourist generally placed more emphasis on a
staff’s attitude and behavior than product prices. In addition, ‘Service Quality’, ‘Room Qualities’, and
‘Value’, appeared to be the top three hotel factors that determined travelers’ overall satisfaction levels
and their likelihood of returning to the same hotel, ( Choi, T. and Chu, R. 2001).
Interestingly, the Japanese market was among the most widely recognized groups of shopping tourists in
the world. In fact, they appear to be more interested in shopping than other national or ethnic groups,
(Kim et al 2011). Some studies show that Japanese tourist preferred to use their time in retail venues and
noted that shopping is one of the most significant variables that create tour satisfaction among Japanese
travelers, (Reisinger and Turner, 2002). However, this study found that the spending pattern of Japanese
market has changed and was declining resulting in spending less after 2007 and the least in 2009 ( 3,919
HK/person). On the other hand, Taiwan market was quite stable in terms of overall expenditure.
The Taiwan market, particularly in group tours, was mainly attracted by shopping activities in China,
(Mak et al, 1999). This paper found that the Taiwanese tourist was also ranked as the highest spender in
the last 12 years. On the other hand, in the long haul markets such as the USA, UK, Australia and Canada,
they spent less. The report of the Hong Kong Tourist Association 1991-2000 indicated that Asian visitors
tended to spend a larger proportion of their total expenditures on shopping than the Western visitor.
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However, the Korean market was lowest spender and their level of satisfaction was lower when
compared to other top markets.
Kim & Prideaux (2005) pointed out that the responses of Western tourists (Americans and
Australians) were over all markedly different to the responses of Asian tourists. This is an important
observation and indicates that the tourism industry must be prepared to differentiate its range of
experiences and services according to the national culture of various visitors as their research found
significant variables related to nationality with varied motivations.
Wong and Law (2003) also stated that Asian and Western travelers from different nationalities have
varied expectations in relation to satisfaction level. It should be emphasized on improving their
approach as some retailers may treat the Western traveler better than the Asian traveler, even though
Asian travelers have higher expenditures since 1999. Song, et al (2003) pointed out that Germany,
Indonesia, India, Singapore and Taiwan tourists seem very sensitive to the prices of tourism
product/services in Hong Kong while tourists from Korea and Japan seem do not pay much attention to
tourism prices when they choose Hong Kong as a holiday destination. However, this study found that
Japan and Korea expenditures were lower than other top markets since 1999, particularly that of the
2009 Japanese market.
6. Conclusion
To sum up the volatility of tourism demand movement of Hong Kong in last 12 years, (1999 to
2010), there are significant changes in both origin markets and their destinations. In this study volatility
behavior can possibly be related to tourism demand from demographic changes. On one hand, it is
emphasized by demographic changes of origin market, as it is required to additional study. For example,
female market from USA, Taiwan and Japan, their expenditures were still high, the average ages of this
top markets were between 34 to 48 years who were called as employment market, and also the first time
visitor and repeat visitor have different behaviors. This study found that since 1999 the two markets of
Taiwan and Singapore, the repeat visitor numbers were much higher than the others in comparison. In
addition, the Australian repeat visitor numbers increased in 2003. Interestingly, their expenditures were
also high. As a result, there is some significant correlation between spending power and prior
experience, which could be explored. On the other hand, the significant finding from tourist satisfaction
and spending pattern is also crucial. This study found that the Taiwanese tourist was ranked in highest
spending in last 12 years from the top 8 markets in this research. On the other hand, the long haul markets
such as the USA, UK, Australia and Canada spent less. Asian visitors tend to spend a larger proportion of
their total expenditure on shopping than the Western visitor. However, the Korean market was the
lowest spender and their level of satisfaction was lower when compared to other top markets. In
addition, the Japanese market tended to spend less after 2007 in contrast with the Taiwanese market that
was quite stable in terms of overall expenditure. As it can be seen there are varied key factors
determining tourism demand relating to volatility in tourism movement. It is important to clarify the
trends from individual markets both internal and external factors.
This study has a number of limitations that deserve further investigation which can be broken
down into three areas. First, it is based on limited secondary data on tourism statistics provided by the
Hong Kong Tourism Board and thus one is unable to analyze completely as there is some missing data
where they are needed to critique different markets such as the number of expenditures, satisfaction
level, and the number of overall visitors from 1999 to 2010. Secondly, in the mistyping from in
tourism statistics was resulted of creating incorrect trend line analysis. Lastly, in the study of tourist
visitor numbers is imperative to understand market segmentation emerging from a tourist behavior
marketing approach. But the tourist statistic data only shows demographics, behavior and satisfaction.
The most preferred approach especially in relation to tourism studies is the benefit-sought segmentation,
which never fails to provide fresh insight into markets. It has been recommended from many scholars
to group travelers by the benefit sought from their experiences that are valuable predictor of travel
behavior and destination choice, (Botchen, Thelen and Peiters, 1999; Wind, 1978; Haley, 1968). In
other words, a new demographic, geographic, behavioral profile can be developed from benefit-sought
segmentation, not only by a traditional one. However, the outbound market data is also important to find
the balance between an inbound and outbound approach. In other words, the study of visitor trend line
applying to destination life cycle can be recommended to find the appropriate strategy.
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