Travel & Tourism Is Not An Industry
The World Travel & Tourism Council (WTTC) has solved a long-standing dilemma—how to classify “travel & tourism.” Because travel and tourism do not produce a homogenous product like traditional industries (agriculture, electronics, steel, etc.), it cannot be classified as an industry and measured as such.
Instead, the WTTC contends that “travel & tourism” is a collection of products (durables and nondurables, consumer and capital) and services (activities) ranging from airline and cruise ship fares, to accommodations, to restaurant meals, to entertainment, to souvenirs and gifts, to recreation vehicles and autos, to aircraft manufacturing and resort development.
To compute travel & tourism’s impact, WTTC contends it must be viewed as an economic sector or collection of “industries,” and the council has developed a “satellite account” that pulls travel and tourism data from traditional economic statistics. Durham has aligned with this approach since founding a convention and visitors bureau in 1989.
Last updated 11/4/04
