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  • The Economic Impact of Tourism: David Campbell, Chief Executive Visit London

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    Tubagus Donny Syafardan
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    The document discusses the economic impact of tourism on London and the UK. Some key points: - Tourism is one of the fastest growing sectors globally and brings in hundreds of millions in direct spending annually. - The direct spending by visitors is only part of the total economic impact, as it generates indirect and induced effects through subsequent local spending and jobs. - In 2002, London saw £5.8 billion in overseas visitor spending and £2.8 billion from domestic visitors. Tourism accounted for around 10% of London's economy. - The tourism sector employs over 2 million people directly in the UK and hundreds of thousands more indirectly.

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    The document discusses the economic impact of tourism on London and the UK. Some key points: - Tourism is one of the fastest growing sectors globally and brings in hundreds of millions in direct spending annually. - The direct spending by visitors is only part of the total economic impact, as it generates indirect and induced effects through subsequent local spending and jobs. - In 2002, London saw £5.8 billion in overseas visitor spending and £2.8 billion from domestic visitors. Tourism accounted for around 10% of London's economy. - The tourism sector employs over 2 million people directly in the UK and hundreds of thousands more indirectly.

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    2 views6 pages

    The Economic Impact of Tourism: David Campbell, Chief Executive Visit London

    Uploaded by

    Tubagus Donny Syafardan
    The document discusses the economic impact of tourism on London and the UK. Some key points: - Tourism is one of the fastest growing sectors globally and brings in hundreds of millions in direct spending annually. - The direct spending by visitors is only part of the total economic impact, as it generates indirect and induced effects through subsequent local spending and jobs. - In 2002, London saw £5.8 billion in overseas visitor spending and £2.8 billion from domestic visitors. Tourism accounted for around 10% of London's economy. - The tourism sector employs over 2 million people directly in the UK and hundreds of thousands more indirectly.

    Copyright:

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    Download as PPT, PDF, TXT or read online from Scribd
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    of 6

    The Economic Impact of Tourism

    David Campbell, Chief Executive Visit London

    and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes
    World Tourism Organisation

    Activities of persons travelling to

    Includes all types of visitors, not just traditional tourists Includes both staying and day visitors

    Despite recent events, tourism is still one of the fastest growing sectors in the world economy

    World tourist arrivals: 1960 = 70m, 2003 = 700m!!


    Huge economic impact

    What is Tourism

    Direct spending by visitors is only the tip of the iceberg

    Relatively easy to measure: visitor numbers, expenditure

    The indirect impact of tourism is much larger

    Hard to measure: subsequent spend by suppliers, induced effects, investment etc

    Huge Economic Impact

    Direct Tourism Expenditure 2002


    Expenditure bn Overseas Domestic

    UK 11.7 26.7

    England 10.4 20.8

    London 5.8 2.8

    Domestic Day Trips*


    Fares to UK carriers TOTAL
    % GDP

    34.2
    3.3 75.8
    4.4%

    30.9
    62.1 1.7m

    5.0
    1.3** 14.9
    c10%

    Employees

    2.1m

    c0.3m

    * These figures represent tourism day trips, these are defined as trips lasting 3 hours or more which are not taken on a regular basis and are estimates based on1998 data ** Londons share of fares to UK carriers

    Source: DCMS, UKTS, IPS, UK Leisure Day Visits Survey, GLA Economics, VisitBritain

    Direct Impact

    Indirect effects: generated from economic activity of subsequent expenditure (eg: hotels purchase supplies and use local services) Induced effects: arising from spending of income occurring to local residents from tourism wages and profits Investment activity: arising from capital investment in new facilities for visitors Government: public sector funding Tourism Multipliers used to calculate indirect impacts North East: 1.8x (eg: every direct 1 = another 1.80) Treasury: 1.7x UK: ?? London: ??

    Indirect Impact

    Direct spending by visitors is only the tip of the iceberg The indirect impact of tourism is much larger What about non monetary items (eg: quality of life)?

    Conclusion

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