Analysis of Tourism Industry 
Travel Agency & Services Industry Analysis Report
Introductory Paragraph engulfing entire summary of paper The Travel Agency and Services Industry comprises of businesses that are primarily engaged in acting as agents in selling travel, tour, and accommodation services to the general public and commercial clients. The products and services that are primarily sold in this industry are travel accommodations such as domestic and international airline, railroad, vehicle, and cruise reservation; packaged tour experiences and activities; and lodging reservations in hotels and various types of resorts.[i] The first travel agency was established in 1758, with the first modern agency that packaged tours and had relationships with the individual companies appearing in the second half of the 19th century[ii] This industry is estimated to generate approximately 11 billion dollars of revenue during 2010, which would be the first positive growth year since 2007 (see exhibit). Like many other industries, the travel industry has been affected by the recent economic and financial downturn. After the recession in 2008, there had been a steady decline in the amount of revenue and products and services that are available in the travel network; but from the projected revenue numbers you can see that they are predicting a turnaround this year due to more people traveling for work and pleasure. This industry is very volatile because the product that they are selling is highly elastic; as people have less and less disposable income, their frequency of travel decreases as well. It is estimated that about 87% of the total revenue for the industry is derived through the reservation services that are provided to clients; with the main areas being in order: domestic airline reservations, international airline travel reservations, cruises, packaged tours and lodging reservations (see exhibit). There has been a shift towards airline travel over the past few years following a huge decline
Introductory Paragraph engulfing entire summary of paper The Travel Agency and Services Industry comprises of businesses that are primarily engaged in acting as agents in selling travel, tour, and accommodation services to the general public and commercial clients. The products and services that are primarily sold in this industry are travel accommodations such as domestic and international airline, railroad, vehicle, and cruise reservation; packaged tour experiences and activities; and lodging reservations in hotels and various types of resorts.[i] The first travel agency was established in 1758, with the first modern agency that packaged tours and had relationships with the individual companies appearing in the second half of the 19th century[ii] This industry is estimated to generate approximately 11 billion dollars of revenue during 2010, which would be the first positive growth year since 2007 (see exhibit). Like many other industries, the travel industry has been affected by the recent economic and financial downturn. After the recession in 2008, there had been a steady decline in the amount of revenue and products and services that are available in the travel network; but from the projected revenue numbers you can see that they are predicting a turnaround this year due to more people traveling for work and pleasure. This industry is very volatile because the product that they are selling is highly elastic; as people have less and less disposable income, their frequency of travel decreases as well. It is estimated that about 87% of the total revenue for the industry is derived through the reservation services that are provided to clients; with the main areas being in order: domestic airline reservations, international airline travel reservations, cruises, packaged tours and lodging reservations (see exhibit). There has been a shift towards airline travel over the past few years following a huge decline