Retail Tourism Accounted for 6% of Travel & Tourism’s GDP in 2019
Retail Tourism Accounted for 6% of Travel & Tourism's GDP in 2019 Hotel News Resource
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Global Retail Tourism: Trends and Insights
Introduction
The World Travel & Tourism Council (WTTC) has released a report titled “Global Retail Tourism: Trends and Insights,” which aims to revolutionize our understanding of shopping tourism. This joint research between WTTC and the Hospitality & Tourism Research Centre of The Hong Kong Polytechnic University, in collaboration with The Bicester Collection, was launched during an event at La Roca Village in Barcelona, Spain, to coincide with the Village’s 25th anniversary.
Sustainable Development Goals (SDGs)
- Goal 8: Decent Work and Economic Growth
- Goal 12: Responsible Consumption and Production
- Goal 17: Partnerships for the Goals
Key Findings
- Retail tourism accounted for a significant US$178BN in 2019, representing 6% of the Travel & Tourism sector’s value.
- In some destinations, retail tourism exceeded 15% of the sector’s value.
- Despite its economic impact, retail tourism has been under-researched, resulting in a lack of critical data for strategic planning.
- The report highlights emerging trends in shopping habits, including visits to out-of-town retail destinations and sustainable retail.
- Retail tourism has shown resilience and future growth prospects, outpacing overall economies in most markets even during the COVID-19 pandemic.
Role of Retail Tourism in the Travel & Tourism Sector
Retail tourism plays a crucial role in the recovery of the Travel & Tourism sector. In 2022, inbound tourism revenues surged by 82%, with shopping becoming a significant factor in travel decisions. It enhances destination appeal, boosts foreign exchange earnings, and supports local brands and products.
Emerging Themes
- ‘Retailtainment’ – the fusion of retail and entertainment – is an emerging theme to incentivize shopping and enhance the customer’s experience.
Quotes
Julia Simpson, WTTC President & CEO, said: “Retail tourism is no longer just about buying souvenirs; it’s a driving force behind the recovery of the Travel & Tourism sector.”
Desirée Bollier, The Bicester Collection Chair and Global Chief Merchant, said: “Merging economic prosperity with enriching experiences, retail tourism uplifts communities while celebrating cultural heritage.”
Professor Haiyan Song, Director of Hospitality and Tourism Research Center at The Hong Kong Polytechnic University, said: “Sustainability in Travel & Tourism will continue to grow in significance after the COVID-19 pandemic.”
Recommendations
The report provides valuable recommendations for stakeholders in retail tourism, including guidance on navigating emerging trends successfully. It also addresses obstacles such as labor laws and tax-free shopping policies that need to be overcome for the sector’s continued growth and sustainability.
Conclusion
Retail tourism has immense untapped potential for both destinations and businesses. By understanding and adapting to changing traveler preferences, stakeholders in the Travel & Tourism sector can harness the power of retail tourism to drive revenue, job creation, and overall economic growth.
For more information and to access the Retail Tourism report, please visit the WTTC Research Hub website.
SDGs, Targets, and Indicators in the Article
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 12: Responsible Consumption and Production
- SDG 17: Partnerships for the Goals
The article discusses the economic impact of retail tourism, the need for sustainable retail practices, and the collaboration between stakeholders in the travel, tourism, and retail sectors. These issues are connected to SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. The article also mentions sustainable retail as an emerging trend, aligning with SDG 12, which aims to ensure sustainable consumption and production patterns. Additionally, the collaboration between stakeholders highlights the importance of partnerships for achieving the SDGs, specifically SDG 17.
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products.
- Target 12.8: By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature.
- Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources.
Based on the article’s content, the specific targets that can be identified are Target 8.9, which focuses on promoting sustainable tourism that creates jobs and promotes local culture and products, Target 12.8, which aims to ensure awareness and information for sustainable development and lifestyles, and Target 17.16, which emphasizes the importance of multi-stakeholder partnerships for sustainable development.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 8.9.1: Tourism direct GDP as a proportion of total GDP and in growth rate
- Indicator 12.8.1: Extent to which (i) global citizenship education and (ii) education for sustainable development (including climate change education) are mainstreamed in (a) national education policies; (b) curricula; (c) teacher education; and (d) student assessment
- Indicator 17.16.1: Number of countries reporting progress in multi-stakeholder development effectiveness monitoring frameworks that support the achievement of the sustainable development goals
The article does not explicitly mention indicators, but based on the identified targets, the following indicators can be used to measure progress towards those targets. Indicator 8.9.1 measures the contribution of tourism to GDP and its growth rate, Indicator 12.8.1 assesses the integration of global citizenship education and education for sustainable development in national education policies, curricula, teacher education, and student assessment, and Indicator 17.16.1 measures the progress in multi-stakeholder development effectiveness monitoring frameworks.
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products. | Indicator 8.9.1: Tourism direct GDP as a proportion of total GDP and in growth rate |
| SDG 12: Responsible Consumption and Production | Target 12.8: By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature. | Indicator 12.8.1: Extent to which (i) global citizenship education and (ii) education for sustainable development (including climate change education) are mainstreamed in (a) national education policies; (b) curricula; (c) teacher education; and (d) student assessment |
| SDG 17: Partnerships for the Goals | Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources. | Indicator 17.16.1: Number of countries reporting progress in multi-stakeholder development effectiveness monitoring frameworks that support the achievement of the sustainable development goals |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: hotelnewsresource.com
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