effect of tourism in london's economy
Post on 12-Jul-2015
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Discuss the effect of tourism on London’s economy.
Tourism is important to
economy of both rich & poor
countries
LONDON ATTRACTIONS
Eye Of London
Natural History Museum
British Museum
Current Economy
Contributions
•Contribution made by visitor spending & tourism economy-related government spending
Direct
Industry
• Involves direct industry as well as private & government investment in the tourism sectors
•Domestic supply chains providing inputs for direct industry
Tourism
Economy
• Includes the tourism economy & impact of spending by the people employed.
Total
Contributions
Source: MasterCard
Products Industries
1. Accommodation services for visitors 1. Accommodation for visitors
2. Food & beverage serving activities 2. Food & beverage serving activities
3. Road passenger transport services 3. Road passenger transport
4.Country-specific tourism
characteristic services
4. Other country-specific tourism
characteristic activities
5. Sports & recreational services 5. Sports and recreational activities
6. Travel agencies & other reservation
services
6. Travel agencies and other
reservation services activities
Advantages
• Low unemployment rate
Job Opportunities
• Stable income
Income
• High demand on goods & services
Spending
• Tourism Industry
Profit
Source : Oxford Economics
•High tax revenue
Tax Revenue
• Subsidies
Government Spending
•Growth of economy
Gross Domestic Product
• Supply of money
Multiplier effect
• Increase
Currency
•Government & Locals
•Community projects
Investment
Advantages
Disadvantages
Profits kept by travel company
Seasonal Unemployment
Inflation
Unstable Market
Illegal Market
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Conclusion
To Sustain Tourism in London:
Partnership between Government and Tourism & Hospitality Sector
Promote Tourism
Improve Infrastructure
Preservation of cultural and heritage
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References https://www.msu.edu/course/prr/840/econimpact/pdf/ecimpvol1.pdf
www.london.gov.uk/sites/default/files/wp-54.pdf
http://www.slideshare.net/SBrooker/tourism-ppt-7748923
http://slideplayer.us/slide/732246/
http://www.telegraph.co.uk/finance/economics/9601918/Tourist-spending-spree-at-London-2012-Olympics-boosts-UK-
economy.html
http://www.independent.co.uk/news/uk/home-news/london-overtakes-paris-to-become-worlds-most-popular-destination-for-foreign-
tourists-9340154.html
http://insights.mastercard.com/position-papers/top-20-global-destination-cities-in-2013/
https://www.udemy.com/blog/disadvantages-of-tourism/
http://www.ibike.org/encouragement/travel/tourism.htm
http://www.visitbritain.org/Images/Final%20proof%2015%20Nov_tcm29-39296.pdf
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Thank You for your time !
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