Business tourism rapidly changing local economy

Friday, August 11, 2023

In travel, business tourism represents one of the oldest forms, since very long time; man has been traveling for the purpose of travel. To explain things in detail, business tourism signifies travel that is done mainly for work purposes. There is a powerful and correlative connection between the economy and business tourism of a country. With globalization, business trips started getting popular and their significance in the global economy increased. These days, business tourism is one of the most rapid growing types of tourism with a major role in international market.

Furthermore, as per the UNWTO dictum, business is an essential sector of tourism financial system. When it comes to their expenditure, business travellers are less cost sensitive as they themselves dedicate only a fraction of the cost. Research has pinpointed the fact that in comparison to any other type of tourists, business travellers spend up to four times more. The early study made by Davidson and Cope showed that the ratio in regards to every day spending by business travellers to that of leisure is between 2:1
and 3:1.

So, to the local and global financial system, business tourism has major contributions. It encourages growth for advanced infrastructure and transportation systems.

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