Research on analyzing Impact of economic and social environmental factors over business of Travel and Tourism Industry of the UK

Research on analyzing Impact of economic and social environmental factors over business of Travel and Tourism Industry of the UK

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Abstract

Purpose: Purpose of this research is to explore impact of economic and social environmental factors over the business of travel and tourism industry in UK.

Design/methodology/approach : This research is designed through using exploratory research design under qualitative and quantitative research formats. Additionally, inductive reasoning is also used to conduct this research for effective presentation of data. Content analysis is conducted to analyze the data by gathering data from primary and secondary sources. Random sampling method under non-probability sampling strategy is followed to maintain reliability of the research.

Findings : Results of the research shows that there is wide scope for UK travel and tourism industry to increase its business in global marketplace, if, economic and social environmental changes have been addressed by the firms effectively. Economic and social environmental factors such as high interest rate, inflation rate, vat tax, exchange rate, economic policies of UK government, culture & sub-culture, life style and cultural & social events have been found that affect growth and business of travel and tourism industry.

Research limitations/implications: This dissertation is related with the assessment of the economic and social environmental changes in UK and with the high number of respondents; it could be not possible to collect data within limited time and cost. Additionally, action plan and budget plan should be followed to reduce the limitations of the research.

Practice implications: Findings are beneficial for UK travel and tourism firms for increasing their growth and success through determining the impact of economic and social environment over the business of the industry.

Originality/value: This study contributed in the literature related to the economic and social environmental factors that increases or decreases business of UK travel and tourism industry.

Table of Contents Chapter 1 Introduction 5 1.1 Research Overview 5 1.2 Research Background 6 1.3 Research problem 6 1.4 Purpose Statement 7 1.5 Research Aim and Objectives 8 1.6 Research Question 8 1.7 Rationale of the Study 8 1.8 Scope of the Study 9 1.9 Summary 10 Chapter 2 Literature review 11 2.1 Introduction 11 2.2 Structure of UK travel and tourism industry 11 2.2.1 Types of Tourism: 12 2.2.2 Sectors included in Travel and Tourism Industry of the UK 14 2.2.2.2 Travel Agents: 17 2.2.3 Attractive Places in the UK 19 2.3 Changes in UK travel and tourism from past two decades 22 2.4 Economic and Social Environmental Factors in Travel and Tourism Industry: 29 2.4.1 Economic factors affecting UK tourism industry 29 2.4.2 Social environmental factors affecting UK tourism industry 35 2.5 Association that work for UK travel and tourism industry: 38 2.6 Summery 39 Chapter 3 Research Methodology 40 3.1 Introduction 40 3.2 Research Design 40 3.3 Research Approach 41 3.4 Research Philosophy 42 3.5 Data Collection methods 42 3.6 Sampling 43 3.7 Questionnaire 43 3.7.1 Trait of Questionnaire 43 3.7.2 Design of Questionnaire 44 3.7.3 Piloting 44 3.7.4 Statistical data analysis 44 3.8 Research Form 45 3.9 Ethical Guideline 46 3.10 Summary 46 Chapter 4 Findings and data analysis: 47 4.1 Introduction 47 4.2 Findings from literature review analysis 47 4.2.1 Structure of Travel and tourism industry in the UK 47 4.2.2 Changes in UK travel and tourism industry 48 4.2.3 Impact of economic environmental factors over the business of UK travel and tourism industry 49 4.2.4 Impact of Social environmental factors over the business of travel and tourism industry in UK 50 4.3 Findings from questionnaire 51 4.4 Summary 59 Chapter 5 Discussion Chapter 60 5.1 Introduction 60 5.2 Evaluation of the findings 61 5.2.1 Changes in the structure of UK travel and tourism industry 61 5.2.2 Role of travel and tourism industry in country’s growth 62 5.2.3 Evaluation of Impact of economic and social environmental factors over the business of travel and tourism industry 63 5.3 Recommendations to improve business of travel and tourism industry 65 5.3.1 Adopt flexible and effective Services 65 5.3.2 Offer Discount and other services 65 5.4 Summary 66 Chapter 6 Conclusion 67 6.1 Summary 67 6.2 Contribution 69 6.3 Limitations and Recommendations 70 References 72 Appendix 1 81

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