Importance of Business Tourism
With its daily evolving and dynamic nature, business tourism has marked a significant growth in the travel industry paving the way to enhance numerous economic results in the local economy. The inception of globalization opened the doors for the expansion of businesses surpassing national boundaries. Want to know the importance of business tourism?
What’s business tourism?
Known as one of the rapidly growing markets for travel suppliers, business tourism can be easily categorized as conferencing, international events, meetings, exhibitions and incentives. To attract people all over the world for such business conferences or exhibitions a destination needs marketing efforts. For instance, hosting a B2B or a meeting in Maldives will be an added advantage since business travellers from all around the world can come across many a Maldives beach villa the likes of Adaaran Select Meedhupparu where they can spend some time exploring the island amidst business work. This sector provides opportunities for a large number of jobs in the field of events’ supply chain along with accompanied services.
Significance
Business tourism and the economy of a country denote a strong correlation. Compared to leisure travellers, business travellers are less cost-sensitive because they usually spend just a fraction of the total amount spent on the journey. The ratio of daily expenditure by a business traveller can be a value between 2:1 and 3:1. Therefore, it is clear that business tourism plays a pivotal role in significant contributions to global and local economies. In addition, it contributes to advanced transportation systems and infrastructure which benefits the local population and other forms of tourism. Business tourism also supports to uplift the hospitality industry (i.e. restaurant bookings and hotel bookings). Most importantly this form of tourism contributes immensely to leisure tourism since business travellers have a greater tendency to combine those two activities together.
Business tourism activities
Any business traveller will have some sort of a ‘meeting’ during the course of their business excursion. This can be a board meeting with international branches, an appointment with clients, or an orientation meeting with a new branch. In addition to meetings, there can be conferences (mostly association meetings) and B2B exhibitions. MICE events (Meetings, Incentives, Conferences and Events) are receiving growing popularity as a prominent part of the industry.
Benefits of business tourism
Amongst many benefits business tourism brings, the most important thing is, it brings significant economic value to the local economy and the wider tourism industry. It provides many benefits to the business traveller as well. Enhancing network opportunities among countries, being cost-effective (can save money on food and lodgings when attending corporate events), becoming a member of loyalty programmes, collecting frequent flier miles and enjoying the advantage of leisure opportunities during the business travel.