so somebody in school minutes, a village doesn't notice we are gambling with the future of all mankind and we're, we're risking it for not the as we approach this summer months vacation becomes the topic of conversation for many people. but this year it seems like people are taking a different approach to travel as inflation and depreciating curzy rosa vacationers budget. the, i'm 50 i'm, you're watching the cost of everything. where today we're going to be talking about the cost of vacation and why it seems like prices are going out of control. although the sheer number of tourist it's near pre pandemic levels in 2023. multiple reports show economic concerns. curbing ambitions as colors are spending

less and to complicate matters further. travel prizes are especially high from a combination of searching, travel demand, industry, staff shortages and general inflation leading to hotel room rates and airfare to record highs. and perhaps the biggest increase in expense is a cost a rental vehicle. hi, rental car prices became one of the biggest stories of the pen demick air travel as people opted for more road trips over air travel. however, due to supply chain breakdown and the concurrence semi conductor shortage, the average car rental price in 2023 was 37 percent higher than 2020. and while luxury resorts had hope that high earning tours have pens of travel demand from not taking vacation in 2020, there was sorely disappointed. according to research from bloomberg, your average medium to high end traveler have a new ceiling for how much they're willing to spend on a hotel every night. and that's only $500.00. 69 percent of those surveyed were

kept at a budget of $3500.00 for 7 nights. well, 24 percent were willing to spend up to a $1000.00 a night. and a good reason for having this kind of service budget, especially when it comes to resorts, an airline is that prices are continuing to be inflated without any reflection and better services. the research firms found that in 2022 luxury roommates was 30 percent higher. then in 2019, for no reason as a roommates were not backed up by increasing demand outweighing supply or did they have better services? american travelers on average, takes 3.5 leisure trips in 12 months and on average vacation suspending is about 2 percent of the total budget of the us household annually. vacation expenditures vary by age group with near retirees, spending nearly 4 times as much on trips on average compared to young people under the age of 25. and back in 2013. the average cost of the vacation came out to

around $3250.00 for a typical 12 night trip. but this amount has risen considerably in the past decade . today, prices for everything from restaurants to hotel rooms and international air for have risen sharply around trip airline ticket to europe is now a $1000.00, which is 20 percent more than in 2019. and 32 percent more costly than last year. around aaa to asia cost, $1600.00 about the 60 percent higher than in 2019. and overall travel costs are of 9 percent in the past year and 20 percent versus 2019. and these are record high prices. and a notable shift considering that prices have generally been following for international travel before the pandemic with record high prices and the tourism industry, people might even feel uncomfortable to share their travel plans or where they can

actually afford to go. with this in mind, let's bring in doctor haley stanton, c o, a tourism teacher. thank you so much for joining us, haley. hi, thanks for having me. of course. now starting off, haley, how did it cost a vacation and torres and very between different cultures? do some countries spend more on their vacations than others? yes, absolutely. there are certain coaches that do like to spend more on travel. and predominantly, we have get people from the us, like, spend a lot on the travel europeans and those from a wealthy countries. and the newest, as a country in the market that is spending a lot on traveling, tourism is china and china all growing rapidly in terms of the out down tories market. so the people that leave china to go to other countries and they also spend more apart from the us, they spend more than any of the nationality. wow. and how have changes in global

economic conditions impacted the tourism industry and recent years? so obviously we have to cultivate come demick, which has had a major impact on the travel and tourism industry. i am traveling towards most can pay a wholesaler in many countries and people was you might think that people have less money because a lot of people went on to what, what actually has happened is that a lot of people couldn't travel for quite some time. so they say you've got the money that they would usually have spent on traveling. so now that and board has already been and people contrib of free. again, what we're seeing is a lot of people are spending more money on travel. and booking those sort of holidays of a large time because they have that sort of time where they couldn't go anywhere and they found it. and they really anticipated this trip. so was literally the economy has been struggling and we've had, you know, the russia, ukraine will. we've had cove it. what we've largely seen is a lot of people have,

have been saving not to go on those sort of big trips. and now what are some of the main industries that are directly affected by tourism and how does tours and impact their profitability and growth a tourist is insulated, to lots of different industry sites, for example, and agriculture industries. you know, people need to 8. so if a tourism industry is developed in a certain country, they will need more food to feed the people that do that as tourists. and it's insulating this way at, you know, resale, for example. so when we go on holiday, we often like go shopping, relax, buy souvenirs. so there's a big, i'm sort of a ripple effect when people go on holiday. this can have a huge benefit to the economy of the place that is hosting the tourism. now one of the things that we do see a lot which is a negative economic impact is it destinations and have a sort of leakage problem. and it's most economically gauge by loss of the money

that they make from tourism actually leaks out into other countries. say, for example, if you were going on holiday or that i to, to say thailand for example. but you was staying in houston. hey, so a lot of that money would go back to the hilton headquarters, which obviously are not based entirely on. so this is a form of economic leakage and another example is all inclusive holidays say, particularly as brooks we lived significantly increase, accommodate where you get everything included your accommodation, you're trying to special page or trans everything. and what we see is that towards various of these sites house and that it's, it's like an in place environment. so you kind of in your own bubble and you don't leave that bubble. and what that means is that holiday company, which often is a foreigner and company, will retain most of your money. and therefore, if it's for an end, most of that money will be going back to wherever the the organization is based. so was there is potential for lots and lots of money to be made in other industries

that are related to tourism. unfortunately, that is not always in the destination that host the tourism, and they often they will miss out that to absolutely, but in your example, wouldn't these hotels be hiring a lot of locals and wouldn't they be contributing to a lot of the employment of the locals in the tourism industry. yes, typically they will one employee life goes well, one of the negative impacts that we often see is that the high level jobs, lots of foreigners companies might import stuff. and when we're looking at sustainability principles, which is really cool in a tourism and you know, many of the hopes of life and it certainly gardens get bigger and bigger. one of the co sustainability principles is to keep things local to highlight people. so we will typically see a lot the lower level, a low, a paid job by local people that tina's and that sort of wages, the boss of that kind of thing. but what we sometimes do you see is that the mo,

managerial powers and import is, uh, what we really need is for the organizations to actually train up the local people so that they can be promot change and growing. so those rows, bravo, then importing or, and stuff. so obviously when there are people in the local area who are employed in the tourism industry, they then have more money to spend in the economy. so for example, if somebody is employed as say, a cleanup, they wouldn't have otherwise had a job. maybe they're cleaner in the hotel. they've now got more money to send their children to school or to go shopping and to buy luxury goods that maybe they wouldn't have bought before to spend more money on that meal. so that money then has a sort of ripple effect. and you know that when they spend more money on the food, the rest of all the shop, it says the food will not have more money at the school that they're now sending tickets to that they can afford. people now has more money that school can then spend more money on the supplies on increasing their in destruct. yes,

most people are paying taxes, say because they pay taxes. now that money goes to the government, the government can reinvest that as they see fit. so essentially they can improve the health care robust education system or you know, the infrastructure and whatever that may be. so tourism has so much power and is such a big most prior effects was really key, is that we make sure that that is sustained to be managed, preferably as much as possible is staying locally within the life of the economy. absolutely. attending, discuss the economic importance of tourism to both the local and the national economies. a tourism is hugely important economically to many, many countries around the world. because it is often times the main revenue generates from the main, the main way that the, the destination makes money. and the problem we have with this is when countries or destinations begin to over rely on tourism. and there's many reasons that tourism

could be taken away. so for example, the recent kind of a pub demik the say, you know, is there a destinations in, for example, fraud, sustain that have budget, have budget lines starts up new rates. one of the sudden they go all these people who can fly that really cheap place. they want to go on holidays that say they stop building new hotels. they start with a new restaurants, new businesses all pop up. and then the airline decides, actually this is an almost profitable rate and they take it away and the industry then is just estimate is. so you are really are a mess the often times of, of, of stakeholders, right? yeah, lines. and which can can take towards no way just like that, or say there are things like natural disasters or terrorism, or economic instability and, and all of these things can continue to weigh tourism. so watch tourism is a major tenement drive for many countries around the walls. what's really important

is that the destination is diversify their income and yes, tourism can be a big part. but it shouldn't be that may the only way all that the predominant way of making money because when things like kind of 19 happen, oh, you know, many. the other examples that i gave back can be absolutely devastating to the local economy. and we sold that. i the engine twins twins, 2 twins, 20 well. yeah. so it's a very risky business. and are there any notable examples of countries that have successfully leveraged for them to boost their economy? and there are many countries, the east doors and space. they're in front of me and probably the best examples would be the countries that do rely mostly on tourism. so cases that the movie places like the caribbean islands and the g. a lot of these areas that don't have much of the industry or don't have many other ways of making money. i have seen huge success as a result of tourism. and this is great. but as i say,

we need to make sure we manage that sustainably. another thing that we see often happens is that destination. so jumping ahead fast and they'll see dollar slides and they think this is wonderful when making all this money. people are coming here . but unless they have to create a sustainability principle was in place. what will happen, or what might happen is that we experience some of the negative impacts of tourism . so perhaps, and the local people failing and i'm happy about the amount of tourist, perhaps the environment being damaged and perhaps is dried and not the cost of living because that's really interesting. and i actually just read and ask one of the conversation i just saw or exact shape this evening. and it was talking about how long the rise of digital main ads for a digital name that's has, has been an impact on living costs in developing countries. so lots of people are deciding it's really expensive where i live in london in new york in chicago,

wherever you might be from they moving to to destination is that a cheaper high non india embody wherever this was in a sort really popular digital name at destinations what's happening is that the businesses in that area recognize, okay, these people have got money, i can charge more money and it drives that costs. and what that does is it then affects the local people. and they can no longer afford things in their area. they to know number for labs, we see jet verification attack. so this is not good thing either. so the economic play tourism is such a powerful for us. but we really need to have a long term vision and the destination, but just don't have that short term mindset to really push themselves at risk in the long term. absolutely, it's a very delicate balance to keep straight. thank you so much, dr. haley, but please stick around. dr. hailey stanton will stay with us right and be with us right here after the break. and when we come back, tourism has become

a global and job creator, especially for women and developing countries. will have more after the break, the kind of liberal agenda received with no is not to be the reason based. but it's a kind of ways i really just create an outside to crowd of all sorts of real estate practical objections to validation off creating a kind of city on the hill on the take a fresh look around. there's a life kaleidoscopic, isn't just a shifted reality distortion by power to vision with no real opinions

pictures, design to simplify. it will confuse really once a better wills and then it just shows you few fractured images presented to this. but can you see through their illusions, going underground can or the to do thank god for to know what to keep this key but and what am i paying for that? yeah, cuz i was online with a gun that are available that were you well with them here, but the ability to store one but i think now i think most public enough for me to send them. yeah, sure. it's not that you must be the

phone go to the other number, it's all about correct. the mobile number, it's all about the depth of the global tourism has become the largest industry in the world with nearly $500000000.00 consumers of tours and services per year. spending hundreds of billions of dollars. the industry provides employment over a 100000000 people worldwide and provides many opportunities for developing countries to create productive and inclusive jobs. grow innovative firms and finance the conservation of natural and cultural assets, especially for women who comprise the majority of the tours and sectors workforce. tourism accounted for 6 point one percent of global g. d p in 2021. and this includes things from medical tourism,

which has benefit of developing nations like the us and the you k all the way through leisure, family vacations. these tours in dollars that vacation suspend on restaurants, travel and hotels help the local economy to generate revenue for growth. a small and developing and 3rd world countries are even more in need of this cash flow. because in some cases the tourism industry is the main driver of their local economies that provide employment for the towns. world wide. $44.00 countries rely on travel and tourism industry for more than 15 percent of their total share of employment. these poor centric countries are the hardest hit from global travel restrictions and inflation. but an absolute dollar amount cus tours in industry contributed over $1800000000.00 to us economy, followed by china at $1600000000.00 tours and has continued to recover in 2023. and overall international arrivals have reached 80 percent of pre pandemic levels. in

the 1st quarter of 2023, an estimated 235000000 torres probably internationally. and the industry has continued to show its resilience. the middle east to solve the strongest performance as the only region exceeding 2019 arrivals and the 1st to recover pre pandemic numbers in a full quarter. europe reach 90 percent. a pre pandemic level as driven by strong intra regional demand africa reach 80 percent. well, america's reached 85 percent of 2029 levels. asia and the pacific still had strict cobra restrictions and thus only had a 54 percent recovery. but this is set to accelerate. now that most of china has reopened, international tours and receipts grew to hit the one trillion dollar mark in 2022, driven by the rebound and travel international and visit or spending reach 64 percent of pre pen demik levels. and europe had nearly 550000000 in torres and

receipts or 87 percent of pre pandemic levels, followed by africa. the middle east and the america is at 68 percent. meanwhile, agent destinations only earned about 28 percent of their tours and receipts due to the pro law and order shut down tours and still facing some challenges. so including the high global inflation rates and rising oil prices, which translates to higher transport and accommodation costs. as a result, tours are expected to increase in we seeking value for money and travel closer to home and this is problem matic for countries that rely heavily on tourism as part of their g d p. countries like them all these and the british virgin islands revealed that 39 and 33 percent respectively of their g. d. p comes from tourism and contribute to the employment of their local economy in them all these pours and directly brings and over $1000000000.00 a year. and this will become a big problem if tours increasingly decide to stay closer to home. and while

tourism is necessary for many countries, there are also some drawbacks to torres and as a significant increase in torres and traffic can hurt the environment. tours generate a significant amount of garbage and waste and have been criticized for destroying the natural essence of a region. countries. i've also criticize the tourism industry for commercializing their culture with little regard to their actual identity and for more on tourism drawbacks and the negative consequences of this lucrative business. let's bring in once again dr. haley stanton, c l, a tourism teacher to. now hailey, thanks for joining us again. what are some of the potential challenges or risk associated with the over reliance on tours and as a primary source of income for a country? well, there are lots of risks and when we do rely on it as the primary income because we're putting all of our eggs and one boss get essentially. and there are lots of things that could happen to prevent tourism from happening. you know,

kind of big 9 teams of fantastic examples that obviously negative example, but put it into perspective. very clearly. bass without tourism, you know, destination has come really, really struggle. for example, in toilet that what and people who have ellison sung trees, one of the biggest things to do when you visit, turn on, and they were unable to feed data for that. so the yellow since we're dying and really struggling. and, and that's really, really sad to say that when people in bodily, to relate to having to take the children out of schools because they no longer have any money to pay for those schools. so there was the many situations around them. well, why not having that tories and this has such a boss negative effect? so it's really important that destination diversify and yes, have towards me cards, tourism. make sure it stay available and doesn't have the actual, your sole income source. because if it is taken away, whether it's due to

a pandemic, a natural disaster, a terrorism attack, or simply because maybe the destination just isn't so fashionable anymore, back can really home the destination. i mean, the economy of the area. yes. and then how does the strength of the country's currency impacts tourism industry and the cost of travel for international visitors to well, currencies kinda have a really big impact. generally, a lot of people like to travel to a place because they feel they can get good value for money. and when the currency is strong or in a destination, it means you're buying some money is going down. so for example, london is always had a really strong currency with the bridge power and walls. yes, we have lots of tourist that come to visit london. there are also a lot of people here who actually say, i'm going to go somewhere else because it's so expensive. the cost of accommodation is very, very expensive and the cost of living the cost of going out to the restaurants, etc. so when the currency is very strong in an area that might actually tell people

from visiting. and on the contrary to that, and lots of countries likes to attract tourists who come from a country where they do have a strong current say, say for example, if you visit somewhere like and go or in india or shaw mile shake in egypt. and when you log in to be able to have somebody helps you to go back, they will say, please, can i have a british pound? i don't want local currency because they know that the british pound is very valuable, is less a lot. it holds its value as well as nothing in stable currency like many of the currencies are around the world. so it can, if you, if you're towards that comes from carm's, assorted a country with a strong currency that can be very desirable to other countries. yes, and then what countries are the most heavily dependent on towards them as a major contributor to the g d p. unemployment. and there are lots of countries actually that i'm very, very heavily reliant on tourism and indonesia,

particularly barley, tourism is one of the major drivers. thailand has tours is a major drive. the places that the moves the caribbean, the homage, except are they relied very, very heavily on tourism without that terms and makes trouble. and we've seen that with the recent pandemic, particularly in the asian countries, for example, um in media, as i say with barley, thailand, cigna pool, and malaysia. those destinations rely very, very heavily, particularly on chinese taurus. so it was, and that was made very evident when the rest of the world started recovering and the tourism industry started to grow again. but the costs of the world didn't, despite those countries having freedom of movement. because china did know that with many people that would usually visit those countries, that room able to. absolutely, and while tourism is a great boost to these local economies, not every single country seems to think so. and some local communities and small

businesses claim that they actually suffer from tourism and popular destinations. how so, a tourism is a real problem. and even towards in is when we have too many people in the destination. and what you will often find is that you'll have maybe a quaint village or a small seaside town and all of a sudden, perhaps only for a few weeks of the. yeah, that will be a huge influx of tourist and the local people generally don't like this. it means when they try in it, when they try to go shopping, they've got long queues. that means that street so full of traffic, they can't find a place to park outside their own high. it means that the natural vegetation might be tremble because there's so many people walking light roads, things like this, and really can aggravate the local population. and if you guys make tourism sustainable, what we need to do is to make sure the stakeholders were the people who have some involvement directly or in directly with the tourism industry,

including the people who live in the area, the hospital or isn't, are involved with it. and i was suppose to go back and when you have the local people who feel aggrieved by the choice and that's taking place, that's when you start to experience problems. absolutely, thank you so much, dr. haley, for all your time today. my pleasure. a while the tourism industry is a big winner here. they aren't when a as big as one might think. the industry has faced 3 years of unprecedented hardship on the pen demik and is still feeling the effects. as staffing continues to remain a challenge. hotel employment is down from 2019 as many spelled as are the luxury of work from home jobs and well 2022. so one of the strongest summer travel seasons ever when inflation is taking into account the industry likely wants a full recovery for several more years. macro economic and geo political hurdles are slowing the full recovery of tourism. and as for the vacation are,

while they still might have a wonderful experience and will definitely cost a lot more than it did in 2019, even though the average wage has not kept up with inflation. but there are those that are willing to forego their vacation in order to save and budget for other necessities. the number one barrier to travel in 2023 is actually lack of money according to the annual state of travel report followed by lack of time off from work or school family and other commitments. and finally, concerns about cove it, which is now fairly even an after thought. i'm christy. i thanks for watching and we'll see you right back here next time on the cost of everything. the the

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