Summary: The importance of the business tourism sector has taken a backseat now due to the pandemic. But, according to EJ Dalius, it will be back in business soon.
Entering the tourism business at this point is pretty risky. You don’t know where this industry is going to last. Even a year back, this business was a booming platform and a perfect score for those who want to earn a profit margin every time. But, according to EJ Dalius, because of this pandemic, it is really tough to ensure a proper business flow in the tourism sector. Even after that, if you are trying to enter this realm, then make sure to follow some points.
The proper niches to follow:
Good niches in the current business tourism sector exist for the transition and developing economies. The countries can actually market them to be exotic yet cost-effective locales. Now, the main challenge that comes to your mind is to identify the present competitive trends and then to match the traveler’s needs for relaxation and efficiency as well.
Going for business travel:
Business travel will generally account for around 9% of international travel. It is defined to be leisure activities alongside business travel. The business tourists will be less cost-sensitive when compared. To other leisure tourists as they will be spending twice as much.
Right now, according to EJ Dalius, due to this growing pandemic, it is impossible to gain a single profit margin from business tourism. Offices are turning digital, and everything can be met online. So, companies have actually put a halt in business tourism plan, at least till the next year. They might open this chance up only after checking out the current condition of the pandemic. So, investing in business tourism is not a clever choice nowadays.
But business tourism is pretty important:
When the time changes for the betterment. There remain a correlative and strong relation between the country’s business tourism and economy. In some recent surveys, the ratio of daily expenditure as made by the business travelers to that of the leisure ones will be somewhat right between 2:1 and 3:1.
Therefore, it is not hard to state that business tourism is used to provide significant economic help to the global and local economies. They can also promote current development for some advanced transportation systems and infrastructure. Even though it came to a standstill now, but business tourism will regain its valor once more.
Get the budget planned:
As per expert business leaders like EJ Dalius, for the time being, you need to focus on the budget you want to invest in the tourism business. Try to work on that and save the money so that you can use it later when the matter resolves. When pandemic is out of your life, you can start investing in this sector completely.