Tourism can be domestic or international, and international tourism has both incoming and outgoing implications on a country’s balance of payments. Today, tourism is a major source of income for many countries, and affects the economy of both the source and host countries, in some cases being of vital importance. Tourism suffered as a result of a strong economic slowdown of the late-2000s recession.
There has been an up-trend in tourism over the last few decades, especially in Europe, where international travel for short breaks is common. Tourists have a wide range of budgets and tastes, and a wide variety of resorts and hotels have developed to cater for them. For example, some people prefer simple beach vacations, while others want more specialised holidays, quieter resorts, family-oriented holidays, or niche market-targeted destination hotels.
Recession tourism is a travel trend which evolved by way of the world economic crisis. Recession tourism is defined by low-cost and high-value experiences taking place of once-popular generic retreats. Various recession tourism hotspots have seen business boom during the recession thanks to comparatively low costs of living and a slow world job market suggesting travelers are elongating trips where their money travels further.
It has been suggested there is a strong correlation between tourism expenditure per capita and the degree to which countries play in the global context. Not only as a result of the important economic contribution of the tourism industry, but also as an indicator of the degree of confidence with which global citizens leverage the resources of the globe for the benefit of their local economies. This is why any projections of growth in tourism may serve as an indication of the relative influence that each country will exercise in the future.