Tourism revenue has potential to grow by over 60% - Visit Britain
Tourism revenue has potential to grow by more than 60%, if challenges are met.
An in-depth 102-page study had been published by Deloitte and Oxford Economics, describing the importance of tourism to the economy of the UK and each constituent nation, providing key current metrics and forecasts for 2020.
The report, undertaken on behalf of Visit Britain, calculates that the total economic contribution that home and overseas visitors make to the UK is currently £115 billion a year. It predicts that, if all goes well, the figure is set to rise to £188 billion a year in 2020, an increase of more than 60%.
Deloitte predicts spending by overseas visitors will almost double from £16 billion now to £31 billion in 2020. These figures make tourism Britain's fifth biggest industry and third largest foreign exchange earner.
It warns that Government intervention will be the key to success, because a range of market failures need to be tackled.
These include co-ordinating marketing to help small and medium sized tourist businesses who cannot afford to do it themselves, enabling rural firms who face higher costs of operating to adopt innovative technology, and supporting the many districts across the UK that rely disproportionately on tourism as an important source of jobs for entry-level and part-time workers.
The industry also needs help to improve its ability to predict what facilities will be needed for the tourists that are likely to turn up, to ensure the modernisation of hotels and venues is done in a way that retains their original appeal and authenticity and to adapt more swiftly to new trends such as the growth in older 'grey pound' tourists.
To read and download the full report, click the link below.
ID: 613 Revised: 27/7/2010