Are Tourism Imports a Luxury or Necessity?

• Autores: David C. Bojanic, Melody Lo
• Localización: Tourism analysis, ISSN 1083-5423, Vol. 26, Nº. 1, 2021, págs. 65-69
• Idioma: inglés
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• Resumen

  • This article compares the impact of economic development on the import demand for international trade and international (outbound) tourism using cointegration analysis on a panel of countries at the turn of the century. Initial evidence suggests that substantially different properties exist between the total import demand and the tourism import demand. In particular, the distinct difference lies in how each type of import demand responds to economic development. It can be concluded that international travel has become more of a necessity than a luxury in the process of economic development towards the end of the 20th century, especially in countries with higher levels of economic development. This result is in contrast to the documented stylized international pattern for aggregate import data.