Sustainability in the Travel and Tourism Industry: Emerging Trends, Organizations Approach and Travelers Viewpoint
The majority of travel and tourism companies have already initiated sustainable practices. The focus on reducing costs and improving efficiency, and minimizing the carbon footprint, are encouraging organizations to implement sustainable practices. Travel and tourism companies state that sustainable measures and green initiatives are important for their business prospects, and aim to utilize sustainability to enhance brand awareness and increase their competitive advantage. Despite the high costs involved in implementing sustainability measures, sustainable practices reduce operational costs, decrease waste, and enhance worker productivity, which ultimately boosts the overall profit margin of travel and tourism companies. Travel and tourism companies strongly agree that consumers would pay 10% more to stay at a green lodging facility.
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Key Findings
Improvement in efficiency and cost reductions are encouraging organizations to implement sustainable practices
The majority of organizations have implemented energy-efficient lighting and the regular monitoring of electricity/gas/water consumption
The highest percentage of executives forecast an increase in their organization’s profitability with the implementation of sustainable practices.
The survey results reveal that 47% of executives either strongly agree or agree to pay 10% more to stay at a green lodging facility.
Synopsis
This report is the result of an extensive survey drawn from Canadean’s exclusive panel of leading global travel and tourism industry executives. The report analyzes the current status of sustainable practices, and organizations views about significance of sustainable measures and green initiatives for business prospects over the next two years. The report also highlights important factors influencing implementation of sustainable practices in organizations and examines potential impact of sustainable practices on organization's profitability. In addition, the report indicates major barriers towards implementation of sustainability measures and identifies preferred sustainable hotel destinations globally.
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Table of Contents
Introduction
Definitions
Methodology and sample size
Respondent profile
Significance of green initiatives and sustainability practices
Current status of sustainable practices within organizations
Key drivers of sustainable practices
Importance of sustainable measures and green initiatives
Level of Implementation of green initiatives and sustainability practices
Budget allocation for sustainable practices and its impact on organizations’ profitability
Projected change in sustainability management budget
Change in organization's profitability due to adoption of sustainable practices
Travelers view on selecting and spending on sustainable and green facilities
Major barriers towards implementation of sustainability measures
Role of sustainability in travelers' selection for hotels, transport and meals
Travelers' view on incurring additional cost for staying at a green lodging facility
World’s top three sustainable hotel destinations
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