The paper estimates the impact of macroeconomic supply- and demand-side determinants of tourism, one of the largest components of services exports globally, and the backbone of many smaller economies. It applies the gravity model to a large dataset comprising the full universe of bilateral tourism flows spanning over a decade. The results show that the gravity model explains tourism flows better than goods trade for equivalent specifications. The elasticity of tourism with respect to GDP of the origin (importing) country is lower than for goods trade. Tourism flows respond strongly to changes in the destination country’s real exchange rate, along both extensive (tourist arrivals) and intensive (duration of stay) margins. OECD countries generally exhibit higher elasticties with respect to economic variables (GDPs of the two economies, real exchange rate, bilateral trade) due to the larger share of business travel. Tourism to small islands is less sensitive to changes in the country’s real exchange rate, but more susceptible to the introduction/removal of direct flights.

This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.

Since the publication of the first edition of this seminal textbook, the tourism economics landscape has undergone many changes. In this concise revised edition, the authors have incorporated new approaches and ideas influencing tourism economics and policy. This includes discussions of the implications of the sharing economy and its effect on industry structure in accommodation and transport, and Artificial Intelligence (AI) techniques that are being increasingly employed in tourism forecasting. It also includes new material on surface and marine transport, resident quality of life issues, the price mechanism, the economic contribution of tourism, tourism and economic growth, and tourism and sustainable development. It remains an important and accessible text for students, researchers and practitioners in tourism economics and tourism policy.

Tourism demand is the foundation on which all tourism-related business decisions ultimately rest. This book introduces students, researchers and practitioners to the modern developments in advanced econometric methodology within the context of tourism demand analysis and illustrates these developments with actual tourism applications.

This book will be a major resource for all academic researchers and practitioners interested in issues dealing with the development of tourism, its potential and challenges, and policy and regulatory issues in the Central Asian countries of Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, and Tajikistan. These countries are gaining more attention as emerging destinations. There is limited research that focuses on these countries with respect to their potential and characteristics as tourism destinations. This book aims to be an invaluable source for both practitioners and academicians who are in international marketing and tourism. The central Asia region (also termed the Silk Road region) as an emerging destination is ripe for future tourism development. The region is rich with historical, cultural, and natural beauty that could provide significant utility to many potential visitors. This book brings together key writings on this topic in a single resource.

Seasonal variation in demand is a reality for most tourism destinations. This work provides a balanced overview of the evidence and issues relating to tourism seasonality using European, North American and Pacific Rim cases and research evidence.