Podcast
Questions and Answers
What is the primary goal of developing 'high-yield' tourism?
What is the primary goal of developing 'high-yield' tourism?
What is the estimated global tourism export earnings in 2019?
What is the estimated global tourism export earnings in 2019?
What is the primary focus of luxury tourism?
What is the primary focus of luxury tourism?
What is the definition of yield in tourism from an accounting perspective?
What is the definition of yield in tourism from an accounting perspective?
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Why do governments prioritize developing the luxury tourism market?
Why do governments prioritize developing the luxury tourism market?
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What is the main challenge in developing high-yield tourism?
What is the main challenge in developing high-yield tourism?
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What is the approach to achieving high-yield from tourism?
What is the approach to achieving high-yield from tourism?
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What is the primary benefit of developing high-yield tourism?
What is the primary benefit of developing high-yield tourism?
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Why do governments formulate policies to build the tourism industry?
Why do governments formulate policies to build the tourism industry?
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Study Notes
Luxury Tourism and Economic Outcomes
- The COVID-19 pandemic has provided an opportunity for policymakers and industry stakeholders to rethink luxury tourism's contribution to optimal economic, social, and environmental outcomes.
Defining Yield in Tourism
- Yield in tourism is defined as tourism receipts per visitor at a destination, from an accounting perspective.
- Yield approximates sales revenues per visitor. (Chowdhary, 2017)
High-Yield Tourism Strategies
- Target high-spending visitors from around the world to increase tourism revenue.
- Develop products and itineraries that can engage visitors for a longer duration, providing a range of options and activities to spend and enjoy.
Global Tourism Industry
- Annual global tourism export earnings were estimated at USD 1.7 trillion in 2019. (WTO, 2017)
- Governments have formulated policies to build the tourism industry, recognizing its economic potential.
Shifting from Mass Tourism
- Developing 'high-yield' tourism involves moving away from price-conscious mass tourism towards encouraging categories of tourism with higher income contributions to the host economy.
- Focusing on the luxury end of the market can achieve high-yield tourism, providing expensive, luxury services and experiences.
Prioritizing Luxury Tourism
- Despite its potential, not all governments and service providers prioritize the luxury market in their tourism strategy, questioning why this is the case.
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Description
This quiz explores the concept of luxury tourism and its potential to contribute to optimal economic, social, and environmental outcomes. It delves into the definition and calculation of tourism yield, and its significance in sustainable tourism development.
