Why Traveling is a Profitable Business in 2018?

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There was an era when traveling was a matter of concern. Near and dear ones used to worry about safe passages when a family member was out to a far-off destination. People would wish ‘Safe Travels’ to others en-route. Explorers used to set sail to find distant lands and discover unchartered territories not knowing what they will find. Although adventurous, traveling was a ‘scary business’ back in the day. But things have changed a lot since then. Gone are the days of fear and uncertainty.

Because of travel portal , travel guide and other services traveling is no longer hazardous and risky. As a matter of fact, nowadays traveling is something that everyone looks forward to. A weekend getaway or a fortnightly retreat is what entices one and all. The 21st century marks an era where people have travelled to uninhabitable places. Places like Mount Everest and Antarctica are well within the reach of the adventurous and the financially empowered. Needless to say, Travel and Tourism is one of the booming business sectors of the new millennium. Many nations and their economies thrive primarily on foreign visitors and international tourists. Every country has a dedicated Travel and Tourism Board solely to promote the country and attract visitors; either for a business trip or for a pleasurable escapade.

Factors That Support the Growth of Travel Industry

The growth of travel industry is linked to many aspects. Each factor, directly or indirectly, aids the ever-growing travel and tourism sector.

1. Travel Cost - Cost of traveling is the most deciding factor before setting out on a trip. The cost of travel has reduced considerably in the last couple of years. Many airlines operate low budget air routes and economy class passages. New routes are mapped solely to increase the revenues of the airline companies. Many travel advisors also offer package deals at a low cost to attract customers. The transparency in financial reforms has managed to sustain a stable exchange rate. Many tourists find this very helpful in planning a trip while staying within the budget. Many financial institutions offer facilities like travel insurance and traveller’s cheques. Financial technology or Fintech has made it easy to perform financial transactions ‘on the go’.

2. Global Events - Many countries bid against each other to host global events. Events like the Olympics, Commonwealth and other sporting events like Football championships Cricket World Cup attract a great number of sports fans. The Host country witnesses a huge inflow of tourists. This is a great source of revenue for the host country. Many small businesses also emerge during such events. Such events offer the domestic residents a sustainable means of livelihood.

3. Cultural Exchange - Global forums have caused an uproar of cultural exchange. People’s interest in learning about other cultures has spiked. Many Asian countries promote their tourism by offering travellers a peek into their history and ethnic backgrounds.

4. Social Media - Social Media is also one of the factors which greatly influences the tourism industry. ‘Selfies’ on social media platform are a great way to showcase your travels. Many unexplored places have seen a surge of tourists after becoming viral in the social media.

5. Technology - The advancement of technology has removed most of the insecurities about traveling. International calling has become relatively cheap. Voice calls and video calls, mobile apps and guides coupled with the ease of internet access makes one feel at home even in a different country.

6. The Thrill of Travel - The innate and primal nature of humans acts as the foremost catalyst to boost the travel industry. The thrill of being in foreign lands and an opportunity to witness the global wonders assures the travel industry of a potentially infinite customer base.

Types of Travel
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There are two primary pretexts in which one would choose to travel; Travel for business or Travel for pleasure.

Business Travel

All the nations are converging into one marketplace. Multinational Corporations and conglomerates have their branches and offices in many countries. Mobilising workforce and business calls for a great deal of travel; especially by the top brass. It is efficient and cost-effective for a company to relocate its critical personnel to a different country, instead of changing their base of operations. This is what is known as business travel.

Travel for pleasure

It accounts for most of the travels. People are on the lookout for new experiences. Many emerging startups have established themselves as tour operators by offering travel packages; both international and domestic. It is undoubtedly a source of inspiration for other travel enthusiasts and business entrepreneurs. Many adventure seekers have started a career as full-time tour guides. Such tour guides promote and assist in adventure tourism.

Why Travel?

Whether you call it business or pleasure; It is an innate tendency for us humans to explore. Head out to new places. Meet new people. And witness the wonders of the world. Traveling is something that everyone looks forward to. And there is no doubt that ‘Tourism’ is a great source of business not only in 2018 but also for the next couple of decades.

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