Travel Industry: An overview of one of the largest service industries
Simply put, the travel industry is characterized by the provision of services related to travel ling from one place to another. This includes services directly related to the trip itself, such as transportation, but also services related to the satisfaction of travelers after their arrival at their destination.
In France, the travel industry represented 58.6 billion USD, 2.7 million direct and indirect jobs, 8.5% of GDP and leisure travel / tourism 81% of the total. The travel industry accounted for 9.5% of European GDP in 2019, 22.6 million jobs (11.2% of EU employment) and tourism-related spending accounted for 81% of total spending versus 19% for business travel.
The 5 main sectors and types of companies operating in the travel industry are related to transportation, accommodation, food services, entertainment as well as a few related industries offering additional services to travelers and/or businesses.
Transportation includes: road, rail, air and sea transportation services, car rentals.
Accommodation or Hospitality represents 215 million overnight stays in 2019, including Hotels, Shared Accommodation, Youth Hostels, Camping, Cruises and Farm and Agrotourism Accommodations.
The Food and Beverages sector primarily meets the basic needs of travelers, through the provision of Food services, with Restaurants and Food Services, Nightclubs, Bars and Cafés.
The entertainment sector plays an interesting and complex role in the travel industry, with casinos, theme parks, guides and tours.
Finally, Related Industries with actors such as Financial Services insurers in particular, Travel Agents, Tour Operators, Online Travel Agencies (OTA), Tourist Organizations such as Tourist Offices, and finally MICE Incentive, Conferences, Exhibitions.
Fitch Bennett Partners It is very present with all these actors.
Some of our consultants directly coming from these jobs perfectly decipher the specificities of the profiles sought after.