here's the speed you want else calls question about this, even though we will then in the european union, the kremlin media mission, the state on russia to day and split the ortiz next, even our video agency, roughly all the band on youtube, the senior said, this is a request which is 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 currency. rosa vacationers budget. i'm christy, i'm, you're watching the cost of everything we're today. we're going to be talking about

the costs 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 serving 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 up to 4 more road trips over air travel. however, due to supply chain breakdowns and the concurrence semi conductor shortage, the average car rental price in 2023 was 37 percent higher than 2020. and

well, luxury resorts had hope that high earning tours had penned up travel demand for me not taking vacation in 2020. they were 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, while 24 percent were willing to spend up to a $1000.00 a night. and a good reason for having this can service budget, especially when it comes to resorts in airline, is that prices are continuing to be inflated without any reflection and better services. research. firms found that in 2022 luxury roommates was 30 percent higher than 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 and 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 to an 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. their assets and coaches, but 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 new wrist as a country in the market that is spending

a lot on traveling. tourism is china and china are 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 other nationality. wow. and how have changes in global economic conditions impacted the tourism industry and recent years to so obviously we have to tell you the depend demik, which has had a major impact on the time and tourism industry. i am traveling towards mas can pay a wholesale in many countries, and people was you might think that people have less money because a lot of people when going 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 is the right that and people contrib of freely. 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 that, and they really anticipate this trip. so was globally, the economy has been struggling and we've had, you know, the russia, ukraine will, we've had coded what we've largely saying 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 will charge is insulated to lots of different industries. so for example, um agriculture industries, you know, people need to eat so as a tourism industry is develops in a certain country, they will need more food to feed the people that do that as tourists. and it seemed to leanings with at, you know, resale for example. so when we go on holiday,

we have to 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 that destinations and have a sort of leakage problem. and it's known as economic leakage where lots 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 say thailand for example. but you were staying in the hills and high. so a lot of that money would go back to the hilton headquarters, which obviously i'm not based entirely on. so this is a full with economic leakage. and another example is all inclusive holidays say, particularly as brooks we live in significant increase, accommodate where you get everything included your accommodation, your transfers for food or drink everything. and what we see is that towards

various of these sites house and that it's, it's like an end place environment. so you're kind of in your own bubble and you don't leave that bo. 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 i and most of that money will be go back to wherever the the organization is based. so was there is potential for lots and lots of money to be made in all the industry 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 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 to yes, typically they will employ 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 other hopes of life. and it's only going to get bigger, bigger. one of the co sustainability principles is to keep things like what's highlighted for 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 way to the boss of that kind of thing. but what we sometimes do you see is that the more managerial powers and importance, 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 our own 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 se akina, they wouldn't otherwise have 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 buy luxury goods. but 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 restaurant or the shop that sells 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 instruct. yes, more people are paying taxes, say because they paid 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. and to discuss the economic importance of tourism to both the local and the national economies, which well,

tourism is usually impulse and economic place many, many countries around the well 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 tories and could be taken away. so for example, the recent kind of it pump them at the old say, you know, is there a destinations in, for example, from 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 lease. they want to go on holidays that say they stop building new hotels. they stop for the new restaurants, new businesses all pop up. and then the line 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 other stakeholders, right?

yeah, lines. and which can can take tories and the way just like that will say there are things like natural disasters or terrorism, or economic instability and, and all of these things can, can take away tourism. so watch tourism is a major tenement drive for many countries around the world. what's really important is that the destinations diversify their income and yes, tourism can be a big part, but it shouldn't be the 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 for the life of economy and we sold that is it in entered twins twins 2 twins, 2 twins. wow. yeah. so it's a very risky business. and are there any notable examples of countries that have successfully leverage for them to boost their economy? and there are many countries, the east doors and states their front of me. and probably the best examples would

be the countries that do rely mostly on tourism. so cases that the movies, places like the caribbean islands and b g, a lot of these areas that don't have much of the industry or don't have many other ways of making money as 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 principles in place, what will happen and 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 nomads started digital name that has happening at 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 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 he 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 attacks. 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 in developing countries. will have more after the break, the november 22nd 2022 outraged orthodox christians confronted ukrainian security service offices, looking entrances and exits. the key is the oldest one, the street we're looking for. i like russian spies among the monks,

and we mean zillow seeming us and it goes there. why not follow reason for the brutal crack down. one churches parishioner sits on a song about the throng being reason enough to condemn any orthodox christian attack in prison. and even kill them so that i knew i shot my hand to pick it out so many was store any store to fill. i slide in. total thought i should be used to use the same, you know, just assume use a new phone. i used to miss davi this is new need to just saw the the city's growth and land is develop. a problem is presented. how do we protect our nature and the unique animals that live here? this is

a cox's nature reserve where they are cultivating an innovative program to release into the wild bunch on thomas. this is in and vision, and today we're on the mountains of process. 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. torres and i'm 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 new k all the way

through leisure, family vacations, these tourism dollars that vacation suspend on restaurants, travel and hotels help the local economy to generate revenue for growth, small and developing in 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 it's absolute dollar amount. cus, tours in industry contributed over $1800000000.00 to us economy, followed by china at $1600000000.00. a tourism has continued to recover in 2023. and overall international arrivals have reached 80 percent of pre pandemic levels. and the 1st quarter of 2023,

an estimated 235000000 tours problem 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 of pre pandemic level as driven by strong intra regional demand africa reach 80 percent. while america reached 85 percent of 2029 levels. asia and the pacific still had strict colored 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 the pores and still faces. some challenges though, 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 the mall. these tours and directly brings in 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 tourism 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. now, haley, thanks for joining us again. what are some of the potential challenges or risk associated with the over reliance on tourism as a primary source of income for our 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 basket essentially. and there are lots of things that could happen to prevent tourism from happening. you know, kind of like 9 teams, a fantastic song, clothes that obviously negative example,

but put it into perspective very clearly that without tourism, you know, the destination is 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 the ever since we're dying and, and really struggling. and, and that's really, really sad to say that when people in bodily who 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, well, why not having that tories and this has such a boss negative effect. so it's really important that destination is diversified and yes, have towards me cards, tourism. make sure it stay nimble and doesn't have the actual, your so income source, because if it is taken away, whether it is due to a pandemic, not from disaster, a terrorism attack,

or simply because maybe the destination just isn't so fashionable anymore. that can really home. the destination, i mean, the economy of the area a yes and then how does the strength of a country's currency impact is tourism industry and the cost of travel for international visitors? well, currencies kind of have a really big impact. generally, a lot of people like to travel to a place because they feel they can get good value, some money. and when the currency is stronger and 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 was yes, we have lots of tourists 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 do to

people from visiting. and on the contrary to that, and lots of countries would like 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 into the apple pap, 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 worth a lot. it holds its value as well as nothing in stable currency like many, if at the currencies are around the world. so it can, if you, if you're towards that comes from, occurs as 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. there are lots of countries actually that are very, very heavily reliant on tourism and indonesia,

particular bali tourism is one of the major drivers. thailand has tours is a major drive best places that the moves the caribbean, the commas, etc. they relied very, very heavily on tourism and without that tourism, they struggle. and we've seen that with the recent pandemic, particularly in the asian countries, for example 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 starts with 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 rom 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 i, the tourism 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 best street since a lot of traffic they come find a place to park outside. they're right in 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 now support of the bed 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. 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 still desire 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 ability to think of it, but to know what to keep this key part and what i'm looking for that. yeah, cuz i don't mind what they've done. they throw a bold over you well, but i'm here,

but i didn't get that going. there's a possibility that to start my one, but at the end of the class, i think most of like enough for me to send them. yeah, i'm sure it's not that you must be the phone. go to the remember talking about correct the mobile number. it's all about the different, the kind of liberal agenda we see the west now is not the, 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 that vision off creating and kind of city on the

hill on the the below and welcome to cross stock. were all things are considered. i'm peter a little was afraid of robert f. kennedy junior. well, apparently everyone in the political establishment and mainstream media very much like donald trump. he says, what do you think liberal tie if he's be damned, or k junior is fear because he's fearless.