Sri Lankan Travel & Tourism Industry: Recent Trends And .

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See discussions, stats, and author profiles for this publication at: Sri Lankan Travel & Tourism Industry: Recent Trends and Future Outlooktowards Real Estate DevelopmentConference Paper · August 2018CITATIONSREADS04,0883 authors:Lasika Madhawa MunasingheTerans GunawardhanaUniversity of Sri JayewardenepuraUniversity of Sri Jayewardenepura6 PUBLICATIONS 0 CITATIONS16 PUBLICATIONS 4 CITATIONSSEE PROFILERanthilaka Gedara AriyawansaUniversity of Sri Jayewardenepura60 PUBLICATIONS 65 CITATIONSSEE PROFILESome of the authors of this publication are also working on these related projects:Smart Real Estate for Smart Cities: A paradigm shift in Sustainable Development View projectUrban Social Problem - Housing and elderly problem View projectAll content following this page was uploaded by Lasika Madhawa Munasinghe on 08 September 2018.The user has requested enhancement of the downloaded file.SEE PROFILE

2018 International Conference On Business Innovation (ICOBI), 25-26 August 2018, NSBM, Colombo, Sri Lanka. (ISSN: 2651-0103)Sri Lankan Travel & Tourism Industry: RecentTrends and Future Outlook towards Real EstateDevelopmentLasika Madhawa MunasingheDepartment of Estate Management &ValuationUniversity of Sri JayewardenepuraNugegoda, Sri Lankalasika@sjp.ac.lkTerans GunawardhanaDepartment of Estate Management &ValuationUniversity of Sri JayewardenepuraNugegoda, Sri Lankaterans@sjp.ac.lkeconomic sectors of national societies and on theirinternational relations (The World Tourism Conference,1980). Tourism delivers large amounts of revenue into theeconomy in the form of spending for goods and serviceswhich are essential for tourists. As per the World TourismOrganisation, 10% of World’s GDP is contributed by theTravel & Tourism Industry and one out of every ten jobs arerelated to the industry (UNWTO, 2017). Travel & TourismIndustry accounts for almost 1.4 trillion U.S. dollars whichare 7% of the World’s exports and 30% of services exports(UNWTO, 2017).Abstract— Tourism is considered as an important economicactivity around the world due to its direct economic impact aswell as it's significant indirect and induced impacts. Accordingto the World Travel and Tourism Council, Travel & Tourismindustry is one of the world’s largest economic sectors accountfor 10.4% of global GDP and 313 million jobs, or 9.9% of totalemployment, in 2017. Direct and indirect impact of this on realestate development in the world is tremendous in terms ofaccommodation, catering to food and beverages, leisurepleasure & relaxation and so on. In Sri Lanka, tourism is thethird largest export earner in the economy and during the pastfive years, there has been an unprecedented growth in theindustry. But tourism in Sri Lanka has much more untappedpotentials thereby the industry is poised to generate a rangeof growth and investment opportunities. However, it is onlythrough right policies and investment decisions, Sri Lanka canleverage the economic prospects of Travel & TourismIndustry. This study analyses the importance of travel &tourism industry in terms of real estate development andreviews major trends that are shaping the growth anddevelopment of the travel & tourism industry in Sri Lankaaiming to produce useful inputs for policy implications. Theanalysis is based on modified Tourism Satellite Account:Recommended Methodological Framework 2008 published byWorld Travel & Tourism Council, and carried out analyzingboth academic and non-academic publications, includingpublished journal articles, annual and quarterly reportspublished by United Nations’ World Tourism Organization,World Travel & Tourism Council, World Economic Forumand Sri Lanka Tourism Development Authority and throughthe raw data obtained by World Travel & Tourism Council forSri Lanka. As per the analysis, the future outlook is bright forthe tourism sector in Sri Lanka, and the country is expected tomaintain a high rate of growth well into the next decade.Sri Lanka is often considered as an increasingly populardestination for international tourists, as well as forexpatriates who return home to visit relatives and friends.Lonely Planet ranked Sri Lanka as the number onedestination to visit in 2013. In 2015, Forbes magazinedeclared Sri Lanka among the “top ten coolest countries” tovisit (Abel, 2014). Also, in 2016 Lonely Planet, RoughGuides, The Guardian, The New York Times have identifiedSri Lanka as a top location to visit (Ministry of TourismDevelopment and Christian Religious Affairs, 2017). Travel& Tourism Industry is the third largest export earner in theSri Lankan Economy, after remittances, textiles andgarments. At present Sri Lanka is experiencing anunprecedented growth in visitors, averaging more than 22%year on year (Ministry of Tourism Development andChristian Religious Affairs, 2017). First-time in 2016,Tourism in Sri Lanka has surged to a milestone of over 2million tourists arrival which is a remarkable increase of14% over 1.8 million tourist arrivals in 2015 (Sri LankaTourism Development Authority, 2017). In 2016,international visitors stayed an average of 10.2 nights andgenerated 3.5 million U.S. dollars (Sri Lanka TourismDevelopment Authority, 2017). Asian visitors continued tobe the main source of tourism to Sri Lanka accounting 45.1%of the total share followed by Western Europe with a share of31.4% (Sri Lanka Tourism Development Authority, 2017).The occupancy rate of graded accommodation has shown74.76% where the total guest nights recorded in tourist hotelshas increased to 10.6 million nights in 2016 which is an18.4% of growth compared in 2015(Sri Lanka TourismDevelopment Authority, 2017).Keywords – Tourism Trends, Real Estate Trends, Real EstateDevelopment, Travel & Tourism Industry, Sri LankaI.R. G. AriyawansaDepartment of Estate Management &ValuationUniversity of Sri JayewardenepuraNugegoda, Sri Lankaariyaw71@sjp.ac.lkINTRODUCTIONTourism is an economic and social phenomenon whichhas experienced a continuous growth and deepeningdiversification over the decades. At present, for manyregions and countries, tourism has become an important,even vital source of revenue and is one of the fastest growingeconomic sectors in the world. Its significance wasrecognized in the Manila Declaration on World Tourism of1980 as "an activity essential to the life of nations because ofits direct effects on the social, cultural, educational, andTourism is highly dynamic and competitive industrywhich requires the ability to constantly adapt to tourists'rapidly changing needs and desires, as the tourist’ssatisfaction, safety, and enjoyment are the prime focus of124

2018 International Conference On Business Innovation (ICOBI), 25-26 August 2018, NSBM, Colombo, Sri Lanka. (ISSN: 2651-0103)travel and tourism industry. In order to make Sri Lankacompetitive in the global travel & tourism marketplace andto utilize the full potential of the industry to the economy,right policies and investment decisions are essential. The SriLanka Tourism Strategic Plan 2017-2020 is a major steptaken by Ministry of Tourism Development and ChristianReligious Affairs in this regard. However, it is perhaps oneof the curious anomalies of travel and tourism studies asstrange that more academics have not devoted their attentionto the impacts surrounding real estate development. In theend, real estate is fundamental to tourist experiences whetherit is in the form of an accommodation at a luxury five-starhotel complex, the excitement of a theme park, or obviously,walking through an untouched wilderness area. Real estate isvital to tourism business, simultaneously, as a principal assetand a major source of costs (Ariyawansa, 2016). Destinationdevelopment is in no small measure a function of theresolution of real estate markets among competing land uses.II.V.METHODOLOGYThe Contribution of Travel & Tourism Industry can beexplained using Tourism Satellite Account: RecommendedMethodological Framework 2008 (TSA: RMF 2008)published by Statistics division of World TourismOrganization (United Nations, 2011). According to TSA:RMF 2008, the framework only recognize the directcontribution of Travel & Tourism Industry. But the industryhas significant indirect and induced impacts which wereoverlooked in the framework. World Travel & TourismCouncil recognizes those indirect and induced impactsthrough its researches (World Travel & Tourism Council,2018). This study follows the modified TSA: RMF 2008(Figure 1) published by World Travel & Tourism Council inorder to identify and explain the economic importance andtrends of travel & tourism industry in Sri Lanka.Fig. 1. Tourism SatelliteFramework 2008PURPOSE OF STUDYAccount:RecommendedMethodologicalThe purpose of this research is to analyze the economicimportance of tourism and review the major trends that areshaping the growth and development of the travel & tourismindustry along with the real estate sector in Sri Lanka.III.THE SIGNIFICANCE OF THE STUDY2017 was declared as the International Year ofSustainable Tourism for Development by United NationsGeneral Assembly (UNESCO, 2017) recalling the potentialof tourism to advance the universal 2030 Agenda forSustainable Development and the 17 SustainableDevelopment Goals (SDGs) (Nations, 2015). TheInternational Year aims to support a change in policies,business practices and consumer behavior towards a moresustainable tourism sector that can contribute effectively tothe SDGs. This is fitting for Sri Lanka as the countryembarks on a journey of transformation of its tourism sector.Source: United Nations, 2011The trends were identified through a review of bothacademic and non-academic publications includingpublished journal articles, annual and quarterly reportspublished by United Nations’ World Tourism Organization,World Travel & Tourism Council, World Economic Forumand Sri Lanka Tourism Development Authority and througha descriptive analysis of the raw data obtained by DataGateway of World Travel & Tourism Council.This paper aims to explore emerging trends in travel andtourism industry in Sri Lanka; a region that has seen highgrowth and contribution to the local economy in many waysover the recent years and is poised to be the center of tourismin the near future. Knowledge gaps are identified as anagenda for future research to better understand tourism andits impact on real estate development in Sri Lanka.VI.1. The trends were identified by using the performance ofselected key economic indicators of the Travel & TourismIndustry.2. The results that have been concluded are based on thedata and information available for Sri Lanka and it might benot the same for other countries or regions.This research also aims to provide a guide for academicresearchers to identify future research opportunities in SriLankan travel & tourism industry that will be of benefit topolicymakers, academia, industry and for the wider society.IV.LIMITATIONSOBJECTIVESVII. LITERATURE REVIEWA. General ObjectiveTo analyze major trends associated with travel & tourismindustry and its impact on real estate development in SriLanka.As the article focuses on analytical methods, a brief reviewof trends identification in the Travel and Tourism Industry isprovided here. According to Tolkach et al., (2016), a changecan be described using three different key terms; “fad”,“trend” and “megatrend”. “Fad” is a change for a very shortperiod devoid of any significance or societal insinuations(Tolkach et al., 2016). “Trend” is a phenomenon which is ofgreatest significance on society that is typically long-lasting.The term “trend” has to turn out to be a very prevalent termand may be applied to changes in diverse contexts and tophenomena of significance (Nordin, 2005). The termB. Specific ObjectivesTo analyze the performance of key economic indicatorsrelated to the Travel & Tourism Industry in Sri Lanka.To identify the importance of the Travel & TourismIndustry towards real estate development in Sri Lanka.125

2018 International Conference On Business Innovation (ICOBI), 25-26 August 2018, NSBM, Colombo, Sri Lanka. (ISSN: 2651-0103)“megatrend” has been defined by Oxford Dictionary, 2018,as an “important shift in the progress of a society or of anyother particular field or activity; any major movement”which will have greater and long-lasting impacts thantrends. The time span of trends typically ranges from 1 to 2years where it may extend to a decade and beyond (Pan etal., 2008).Fig. 2. Visitor ExportsTrends analyses methods involve quantitative analysis ofstatistical data and survey results and qualitative analysis ofinterviews and/or the Delphi approach (Tolkach et al.,2016). Peng, Song & Crouch, 2014 states that thequantitative approaches are more well known in modelingand forecasting demand. But, the drawback of thedependence on historical data to predict future might beunreliable because of the varying political, social andeconomic situations in addition to unexpected disasters(Prideaux et al., 2003). In the case of qualitative approach,researchers like Tolkach et al., (2016); Ballantyne et al.,(2009); Buckley et al., (2015); Tribe, (2008); Xiao andSmith, (2006), adopt content analysis to explore trends inthe tourism sector.Source: Compiled by Author using WTTC Data, 20182) Domestic Travel & Tourism SpendingSpending within a country by that country’s residents forboth business and leisure trips are considered as DomesticTravel & Tourism Spending. But multi-use consumerdurables are not included since they are not purchased solelyfor tourism purposes. This is consistent with total domestictourism expenditure in table 2 of the TSA: RMF 2008. Also,Outbound spending by residents abroad is not included andis separately identified according to the TSA: RMF 2008.There has been a steady growth in Domestic Travel &Tourism Spending over the years except for some drop in2010 and 2013. Travel & Tourism Industry has recordedLKR 381.8 billion Domestic Travel & Tourism Spending.And it is expected to grow by 4.2% per annum in 2018 andwill continue to rise by 3.9% per annum from 2018 to 2028to LKR 584.6 billion by 2028.Various leading industry organizations have been analyzingtravel and tourism trends. For example, the United Nations’World Tourism Organization annually publishes TourismHighlights which identify arrivals and expenditure. Also, theWorld Tourism and Travel Council focus on long-termtrends in the economic impact of travel and tourismactivities and publishes monthly updates. Pacific AsiaTravel Association (PATA) a leading organization in theregion, publishes thematic reports on regional travel-relatedissues and trends. Jones Lang LaSalle Incorporated (JLL)which is a professional service and investment managementcompany specializing in real estate also publishes annualreports on the trends and performance of travel and tourismindustry. As the local apex body related to travel andtourism, Sri Lankan Tourism Development Authority(SLTDA) too publishes reports on the performance andtrends of travel and tourism industry in Sri Lanka.Fig. 3. Domestic Travel & Tourism SpendingVIII. DATA ANALYSISA. Direct Spending Impacts1) Visitor ExportsAs per the Tourism Satellite Account: RecommendedMethodological Framework 2008 (TSA: RMF 2008),Visitor Exports are the spending within the country byinternational tourists for both leisure and business trips,including spending on transport. International spending oneducation is excluded. This is consistent with the totalinbound tourism expenditure in table 1 of the TSA: RMF2008.After the civil war ended in 2009, Visitor Exports in SriLanka has dramatically increased over time wherein 2017Travel & Tourism industry has generated LKR 725.2 billionVisitor Exports which is 25.3% of total exports in 2017.And it is expected to grow by 5.1% per annum in 2018 andwill continue to rise by 6.6% per annum from 2018 to 2028to LKR 1445.7 billion by 2028 (30.2% of total exports).Source: Compiled by Author using WTTC Data, 20183) Government Individual SpendingAccording to Tourism Satellite Account: RecommendedMethodological Framework 2008 (TSA: RMF 2008),spending by the government on Travel & Tourism servicesdirectly linked to visitors, such as cultural services (eg126

2018 International Conference On Business Innovation (ICOBI), 25-26 August 2018, NSBM, Colombo, Sri Lanka. (ISSN: 2651-0103)museums) or recreational services (eg national parks) isidentified as Government Individual Spending.Over the past 17 years, Government Individual Spending inTravel & Tourism Industry has shown a sharp growthexcept in 2010, recorded a significant drop but from 2011the trend has continued to grow where in 2017 GovernmentIndividual Spending was LKR 6.8 billion. And it is expectedto grow by 4.5% per annum in 2018 and will continue torise by 5.5% per annum from 2018 to 2028 to LKR 11.4billion by 2028.Fig. 4. Government Individual SpendingSource: Compiled by Author using WTTC Data, 20185) Business Travel & Tourism SpendingSpending on business travel within a country by residentsand international visitors is represented in Business Travel& Tourism Spending. As per the figure below, there hasbeen a dramatic increase in Business Travel & TourismSpending after 2009 and in 2017, Business Travel &Tourism Spending was LKR 229.9 billion. And it isexpected to grow by 4.9% per annum in 2018 and willcontinue to rise by 4.8% per annum from 2018 to 2028 toLKR 399.6 billion by 2028.Source: Compiled by Author using WTTC Data, 2018Fig. 6. Business Travel & Tourism Spending4) Internal Tourism ConsumptionInternal Tourism Consumption is the total revenuegenerated within a country by industries that deal directlywith tourists including visitor exports, domestic spending,and government individual spending. This does not includespending abroad by residents. This is consistent with totalinternal tourism expenditure in table 4 of the TSA: RMF2008.In overall Internal Tourism Consumption in Sri Lanka hasshown a steady growth as in 2017, it was LKR 1107 billion.And it is expected to grow by 4.8% per annum in 2018 andwill continue to rise by 5.8% per annum from 2018 to 2028to LKR 2030.3 billion by 2028.Fig. 5. Internal Tourism SpendingSource: Compiled by Author using WTTC Data, 20186) Leisure Travel & Tourism SpendingLeisure Travel & Tourism Spending consists of spending onleisure travel within a country by residents and internationalvisitors. There has been a significant increase in LeisureTravel & Tourism Spending after 2009 and in 2017, it wasLKR 877.1 billion. And it is expected to grow by 5.2% perannum in 2018 and will continue to rise by 5.9% per annumfrom 2018 to 2028 to LKR 1631 billion by 2028.127

2018 International Conference On Business Innovation (ICOBI), 25-26 August 2018, NSBM, Colombo, Sri Lanka. (ISSN: 2651-0103)Fig. 7. Leisure Travel & Tourism Spendingother public services. This is consistent with total collectivetourism consumption in table 9 of TSA: RMF 2008.Government Collective Spending has shown a steadygrowth over the years as in 2017, it was LKR 46.4 billion.And it is expected to grow by 5.2% per annum in 2018 andwill continue to rise by 4.8% per annum from 2018 to 2028to LKR 78.2 billion by 2028.Fig. 9. Government Collective SpendingSource: Compiled by Author using WTTC Data, 2018B. Indirect and Induced Impacts1) Capital InvestmentCapital Investment includes capital investment spending byall industries directly involved in Travel & Tourism. Thisalso constitutes investment spending by other industries onspecific tourism assets such as new visitor accommodationand passenger transport equipment, as well as restaurantsand leisure facilities for specific tourism use. This isconsistent with total tourism gross fixed capital formation intable 8 of the TSA: RMF 2008.There has been a significant growth in Capital Investment inthe Travel & Tourism Industry after 2010 and in 2017, itwas LKR 144.3 billion. And it is expected to grow by 4.3%per annum in 2018 and will c

Sri Lanka as a top location to visit (Ministry of Tourism Development and Christian Religious Affairs, 2017). Travel & Tourism Industry is the third largest export earner in the Sri Lankan Economy, after remittances, textiles and garments.

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