Following another very successful World Travel Market in London this month, tourism experts are estimating that more than £2 billion in business will have been drummed up at the at show.
The exhibition, which ran until Thursday November 7 at ExCeL in the capital, was expected to attract 50,000 visitors, boosting the London economy by £160 million.
In an interesting comparison, the British Fashion Council’s London Fashion Week – which took place during four days in September 2013 – was thought to have generated approximately £100 million for the capital’s economy.
Tourism is big business for the UK and Britain’s most iconic events, such as annual music festival Glastonbury, are also big earners. In just over an hour, 120,000 Glastonbury tickets sold out and last year 6.5 million music fans came to the UK from abroad to attend a festival or gig, with total sales of tickets, transport and accommodation generating £2.2 billion in revenue and 24,000 jobs.
The timeshare industry generates a significant number of year round jobs, as timeshare owners do not only holiday during the peak summer months, but tend to use their holiday entitlement all year round, making timeshare both an eco and economical holiday lifestyle. Unlike holiday homes which often remain vacant and unused in winter months while, occupancy rates for timeshare resorts are historically consistently high.
Simon Press, Reed Travel Exhibitions director, said: “World Travel Market plays a vital role for both the global travel and tourism industry facilitating more than £2 billion in industry deals.
“Furthermore, the event has a massive impact on the London economy with 50,000 senior executives staying in the capital and spending money on hotels and evening entertainment, totalling more than £160 million.”