Emerging Trends of Sustainability in the Travel and Tourism Industry

Sustainability in the Travel and Tourism Industry: Emerging Trends, Organizations Approach and Travelers Viewpoint

Summary

The majority of travel and tourism companies have already initiated sustainable practices. The focus on reducing costs and improving efficiency, and minimizing the carbon footprint, are encouraging organizations to implement sustainable practices. Travel and tourism companies state that sustainable measures and green initiatives are important for their business prospects, and aim to utilize sustainability to enhance brand awareness and increase their competitive advantage. Despite the high costs involved in implementing sustainability measures, sustainable practices reduce operational costs, decrease waste, and enhance worker productivity, which ultimately boosts the overall profit margin of travel and tourism companies. Travel and tourism companies strongly agree that consumers would pay 10% more to stay at a green lodging facility.

Key Findings

- Improvement in efficiency and cost reductions are encouraging organizations to implement sustainable practices

- The majority of organizations have implemented energy-efficient lighting and the regular monitoring of electricity/gas/water consumption

- The highest percentage of executives forecast an increase in their organizations profitability with the implementation of sustainable practices.

- The survey results reveal that 47% of executives either strongly agree or agree to pay 10% more to stay at a green lodging facility.

Synopsis

This Sustainability in the Travel and Tourism Industry Report is the result of an extensive survey drawn from exclusive panel of leading global Travel and Tourism Industry executives. The report analyzes the current status of sustainable practices, and organizations views about significance of sustainable measures and green initiatives for business prospects over the next two years. The report also highlights important factors influencing...