The forum brings together industry experts and leading academics to provide exclusive previews of pre-published papers and research on challenges, opportunities and innovations in the hospitality and real estate industries.
The Hospitality Finance & Economics Conference 2023 is co-organized by the EHL Hospitality Business School and the Institute of Real Estate and Urbanism (IREUS) at the National University of Singapore (NUS).
provided by EHL Hospitality Business School
In the wake of travel lockdowns and subsequent re-openings over the past few years, the Travel & Tourism industry as a whole is learning about the situation, how industry players are operating, how consumers are behaving, and how consumption is changing. What we know about humans has changed dramatically. New observations, projections and predictions about today’s travel trends, traveler segments and travel drivers are popular topics. However, this list also includes a lesser mentioned purpose of travel – visiting friends and relatives (VFR).
A global survey conducted by GlobalData found that VFR travel was the second most common travel type (46%) prior to COVID-19 (2019). As a result, VFR travel is expected to be a key driver of travel industry recovery, with compound annual growth rate (CAGR) of 17% from 2021 to 2025, with 242 million international departures. is expected.
What do we know about VFR travel and travelers?
Luciano López, Ph.D., EHL Associate Dean, and his co-author, Dr. Thomas Davoin, Assistant Professor, EHL Hospitality Business School, “observed a correlation between VFR travel and remittance source and remittance amount. said in an article entitled. “Remittance and Inbound International Tourism Demand”. A determinant of the potential volume of inbound tourism intended to visit friends and relatives is established by the source market for migrant remittances.
Similarly, tourism income corresponds to the volume of remittances from top source markets. India received the most remittances globally in 2017, with the top three receiving markets being the UAE, US and Saudi Arabia. The correlation between top geographic sources of remittances and India’s top international travel destinations is evident with his top three travel destinations being the UAE, Saudi Arabia and the United States. Among the total recorded tourism expenditures of Indian tourists, the United States had the highest tourism receipts from Indian tourists, followed by Qatar, Saudi Arabia and the UAE.
Such insights enable us to better forecast the major source markets for VFR travel, thus enabling us to better predict the range of products and services available in the broader travel and tourism industry (e.g. airline routes, accommodation and tour offerings). Increased ability to customize offerings. To respond to the preferences, consumption, travel behavior and potential spend of this segment.
Hospitality Finance Economy Conference 2023
Learn more about Challenges, Opportunities and Innovations in the Hospitality and Real Estate Industry at 7th Annual Hospitality Financial Economy (HFE) Conference It will be held for the first time at the EHL campus in Singapore (Singapore) in June this year. Co-hosted by leading hospitality academic experts, EHL Hospitality Business School and National University of Singapore Real Estate and Urban Institute (IREUS)HFE 2023 will provide a platform and forum for industry experts and leading academics in hospitality finance, economics and real estate to provide insights on:
- ESG in investment, financing, development and operations
- urban development and environment
- circular economy
- Advanced technologies such as machine learning, AI, blockchain, tokenization and metaverse
- big data
Register by June 10th enjoy early bird Ticket prices for the upcoming Hospitality Finance and Economics Conference 2023. Tickets can be purchased here.
Find out more about the Hospitality Finance and Economics Conference 2023, its panel of speakers and presenters, and the conference program here.