The paper "Measures and Importance of Tourism Demand Forecasting" is a great example of a finance and accounting assignment. Patterns of tourism demand are shaped by a number of factors that include the economic position of regions or countries, degrees of urbanization and the overall quality of life (World Tourism Organization report, 1995). These factors of tourism as outlined by a report of the World Tourism Organization in 1996 can be enlisted as, economic and financial development, demographic and social changes, technological innovations and improvements, infrastructural equipment and facility investments, political, legislative and regulatory factors, environment planning and climatic impact issues, trading developments and the safety of travel.
These are the exogenous factors that affect tourism in any given country at a particular point in time. Besides these factors, there are other key market forces that directly have an impact on the demand for, and supply and distribution of tourism products and services (Swarbrooke and Horner, 105). These factors include: First, consumer knowledge about tourism possibilities and tourist requirements; second, destination product development and product/services development by the private sector operators; third, trends in the structure of the travel and the tourism operating sectors; fourth, marketing is undertaken by the country looking to attract tourist traffic; and last, the supply of skilled and experienced human resources. Executive Summary: The following report shall seek to identify the factors that govern demand for tourism in Hong Kong and on the basis of these findings investigate the future of tourism in Hong Kong over the next decade.
An accurate forecast of tourism demand is essential for the formulation of a sustainable tourism policy.
It is to this end that the paper will address the issues related to change in the tourism demand patterns outlining factors affecting this change including political, environmental factors, and other external factors. The promotion and marketing strategies that have been employed and how these had an impact on the actual number of tourism traffic.
Swarbrooke, John and Horner, Susan, Consumer behavior in tourism, published by Butterworth-Heinemann, 1999
Nam Ng and Y. Li, Eco-tourism in Hong Kong: its potentials and limitations, Department of Geography, The University of Hong Kong, presented at the Cuarta Feria Ecoturistica y de Produccion, 2000
Jung, San Wong, et al., A Case Study of Destination Marketing in Hong Kong
Heung V C, The Hong Kong Tourism Industry in Transition, pub, Cornell Hotel and Restaurant Administration Quarterly, Vol. 38 No. 1, 1997
Fretchling, Douglas, Forecasting tourism demand: methods and strategies, Published by Butterworth-Heinemann, 2001
Song, Haiyan, Tourism forecasting and marketing, Published by Haworth Press, 2003
Page, Stephen and Conell, Joanne, Tourism: a modern synthesis, Published by Cengage Learning EMEA., 2006
Haiyan, Song, Tourism demand in Hong Kong: the current status and future trends, PPRI research, 2006
Hong Kong tourism Board, website, accessed June 12, 2009, < http://www.discoverhongkong.com/login.html>