1 THE CALCULATION OF ECONOMIC SPIN-OFFS: AN ESSENTIAL EXERCISE, A NECESSARY EVIL OR A BUBBLE WAITING TO BURST? Larry Dwyer President, International Association for Tourism Economics President, International Academy for the Study of Tourism Professor, School of Marketing, University of New South Wales, Australia Measuring Tourism Symposium, Transat Chair in Tourism, September 2012
2 Effects of Tourism Tourism is regarded as an economic development lever Destination managers anticipate that tourism can boost business sales and output income, value added government receipts employment foreign exchange reduce poverty etc But what measurement tools are most appropriate to use to assess tourism s economic significance? Answer = horses for courses
3 Tourism and the Economy: Four Tools of Analysis Tourism Yield Measures expenditure measures popular but limited Tourism Satellite Accounts measures economic contribution of tourism Economic Impact Analysis estimates the effects of shocks (+ or -) to tourism demand and supply changes in output, GDP/GSP, employment etc Cost-Benefit Analysis estimates change in economic welfare from a policy or investment proposal
4 Tourism Yield Standard measure is expenditure injected by type of visitor by trip and by visitor night Often form basis of destination marketing effort Measures of tourism yield can guide destination stakeholders both as to the origin markets that should be promoted the types of products and services that should be developed to attract high yield visitors Important for assessing relative importance of mature and emerging source markets (BRIC plus many others)
5 Origin Expenditure per night: Countries Singapore Hong Kong Malaysia Japan USA Indonesia Thailand Taiw an Korea China NZ Germany Other Europe Average expenditure AU$94 Canada Other World UK Other Asia Expenditure per night (AU$) 9/2 6/2 5
6 Expenditure per day (AU$) Expenditure Matrix: Countries SING MAL HK 110 JAP USA THA IND 100 TWN KOR CHN 90 NZ GER 80 Other World CAN UK Other Europe 70 Other Asia Duration of stay (nights) 9/2 6/2 6
7 Expenditure Yields - - of limited value to destination managers!!! gross expenditure data does not in itself provide information on what products tourists purchase and so gives no indication of the business sectors that receive the sales revenues. tourist expenditure is not an indicator of profitability to firms. Profit comprises only a small proportion of visitor expenditure and is not uniform across industries. gross tourist expenditure does not inform us about the import content of the goods and services purchased by tourists (leakages) gross tourist expenditure does not inform us about the contribution of expenditure to tourism output, tourism gross value added, tourism employment (need a TSA) Expenditure measures ignore the economic impacts of tourist expenditure such as contribution to Gross Domestic (or regional) Product, Gross Value Added, and employment. (need an economic model) Does not provide information on the geographic spread of revenues or impacts to the wider destination expenditure injections per se tell us nothing about the social or environmental costs and benefits associated with different visitor market segments.
8 - - - But expenditure yield is important to SME!! Profits = total revenue total cost Sales revenues important to market share Sales revenues important to return on investment strong, continuing tourism investment is vital to a successful tourism industry Yield management. Tourism businesses have developed price setting techniques to maximize revenues, varying price according to the product, customer segment and time of purchase.
9 The Economic Significance of Tourism Ongoing problem for policymakers is lack of information concerning economic significance of tourism tourism not a single industry in the national accounts tourism activity is hidden in other industry activities (accommodation, transportation, shopping etc) Developing countries in particular have national statistics that often are of limited scope and doubtful accuracy RESULT = lack of appreciation of tourism s economic significance dubious (exaggerated) claims about tourism s economic significance (eg tourism reduces poverty, creates employment ) poor basis for policy making
10 Things have changed with development of Tourism Satellite Accounts Tourism comprises a proportion of the outputs of a range of industries which are explicitly recorded in the national accounts. Thus tourism might account for 90% of Air Transport, 80% of Accommodation, 30% of Ground Transport and say, 10% of Retail Trade The outputs of these industries which can be attributed to Tourism are estimated and aggregated, to obtain an estimate of the output of Tourism. In a similar way, the Gross Value Added associated with tourism, Tourism GDP, Tourism employment and other aggregates can be calculated. Result is a set of accounts documenting output, value added, employment etc for the tourism industry, consisting of the sum of the various parts of other industries which are attributable to tourism.
11 Advantages of TSA identify a Tourism industry (characteristic, connected) measure the key economic aggregates associated with tourism measure tourism s interrelationship with other industries support inter-industry comparisons support international comparisons give credibility to estimates of the economic contribution of tourism provide a tool for tourism research and policy analysis
12 Selected Tourism Aggregates: Australia
13 Growth in total, domestic and international tourism consumption
14 Some Results from Australian TSA
15 Growth in industry gross value added, current prices
16 Growth in tourism value added, selected industries
17 TSA and Tourism Yield Measures An innovative use of TSA is in the estimation of measures of tourism yield. Yield measures can be estimated from TSA data.
18 Tourism Gross Value added selected markets, Australia,
19 Tourism Gross Operating Surplus per night and length of stay, selected niche markets, Australia,
20 TSA can be developed at regional level Tourism activity tends to be unevenly concentrated within countries Worldwide, regional governments are developing tourism plans to maximize the opportunities for income and employment growth from tourism The extensive involvement of governments in tourism planning, infrastructure provision and marketing at a state, regional or local level, has led to a strong demand for better economic statistics at the state or regional level. Thus, a regional TSA may be more relevant to regional destination management organizations and local businesses than a national level TSA. TSA are now being developed at regional (State/Province) level TSA have been developed for every state/territory of Australia Where is TSA for Quebec?
21 Regional TGVA TOURISM GROSS VALUE ADDED Other Industries 96.5% Other Industries 93.5% Tourism 3.5% Tourism 6.5% AUSTRALIA NORTHERN TERRITORY
22 Regional Tourism Employment EMPLOYMENT All other industries 94.4% All other industries 85.8% Tourism 5.6% Tourism 14.2% AUSTRALIA NORTHERN TERRITORY
23 Regional tourism industry output TOURISM INDUSTRY OUTPUT (NORTHERN TERRITORY) All other industries, 9.3% Other tourism connected industries, 12.7% Travel agency and tour operator services, 6.5% Other entertainment services, 3.9% Retail trade, 8.6% Air and water transport, 26.0% Clubs, pubs, taverns and bars, 6.2% Accommodation, 12.4% Cafes, restaurants and food outlets, 11.1% Other tourism characteristic industries, 3.3%
24 Regional TGVA, breakdown by sector TOURISM INDUSTRY GROSS VALUE ADDED (NORTHERN TERRITORY) Cafés, restaurants and food outlets, 9.8% Air and w ater transport, 19.2% Ow nership of dw ellings, 7.8% Other road transport, 4.7% Retail, 8.2% All other industies, 13.9% Clubs, pubs, taverns and bars, 6.2% All other tourism connected industries, 14.2% Travel agency and tour operator services, 6.3% All other tourism characteristic industries, 19.30%
25 TOURISM EMPLOYED PEOPLE Other industries, 85.8% Tourism, 14.2% Manufacturing, 1.7% Clubs, pubs, taverns, bars 3.8% Other entertainment services, 5.8% Travel agency, 12.8% Casinos and other gambling services, 0.6% Education, 1.9% Libraries, museums, arts, 3.4% Road transport, 5.2% Cafes and restaurants, 7.5% Tourism characteristic and connected industries 89.6% Air and water transport, 14.7% Accommodation, 13.9% Retail trade, 17.8% All other industries 10.4%
26 Industry Division TOURISM GROSS VALUE ADDED COMPARISON WITH 'NON-TOURISM' INDUSTRIES (NORTHERN TERRITORY) Mining Manufacturing Property and business services Health and community services Transport and storage Ow nership of dw ellings Government administration and defense Education Wholesale trade Retail trade Construction Finance and insurance Agriculture, Forestry and Fishing Personal and other services Communication services Electricity, gas and w ater supply Accommodation, café and restaurants Cultural and recreational services 9.3% 7.6% 7.1% TOURISM, 6.5% 6.2% 6.1% 5.7% 5.3% 4.8% 4.8% 4.6% 3.7% 3.6% 3.1% 2.9% 2.8% 2.8% 2.4% 17.2% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% Share of Total NORTHERN TERRITORY GVA by Industry (%)
27 NET TAXES ON TOURISM PRODUCTS Gambling and betting services, $8.3m Recreational, cultural, sport services, $8.5m Rest of Australia, 97.9% Northern Territory, 2.1% Accommodation $9.8m Takeaw ay, restaurant meals, $15.8m Shopping, $16.1m Alcoholic, other beverages, $16.0m Other tourism products, $16.9m Fuel, $35.2m
28 TSA measure the economic contribution of tourism TSA estimate the direct effects of additional tourism demand on the contribution of the tourism industry to the economy (eg., tourism GDP or employment) But - - do not estimate the indirect effects of tourism demand Nor do they estimate the economy wide impacts of shocks to tourism demand TSA represents a snapshot or description of the significance of direct tourism demand within an economy at a particular time TSA do not contain any behavioural equations specifying how each sector responds to external shocks, or shocks transmitted through inter-sectoral linkages, via changing prices, wages, exchange rates and other variables. TSA take no account of the possible factor constraints that may present barriers to tourism growth in response to an increase in tourism demand, or the impacts that changing prices and wages might have on other (non tourism) industries
29 Important!!! TSA don t assess economic impacts Economic contribution measures the size and overall significance of the industry within an economy Economic impact refers to the changes in the economic contribution resulting from specific events or activities that comprise shocks to the tourism system
30 Economic impact analysis estimates the changes to an economy following a shock to tourism demand (+ or -) due to some project, action, event or policy traces the flows of spending associated with tourism activity in an economy to identify the resulting changes in economic variables such as sales, output, government tax revenues, household income, value added and employment.
31 Economic impact analysis requires a model to project the effects of tourism shocks Tourism Demand or Supply Shock Economic Model (Usually Input/Output or CGE) Economic Impact
32 Standard View: The Multiplier Effect Direct Spending: Direct spending relates to purchases of goods and services directly attributable to tourist activity. Indirect spending Firms that sell G&S to tourists purchase inputs from other firms and these other firms (suppliers) purchase inputs from other firms (suppliers) and so on - - Induced spending Induced effects arise when the recipients of the direct and indirect expenditure-firm owners and their employees- spend their increased incomes. This in turn sets off a process of successive rounds of purchases by supplier firms, plus further induced consumption - --
33 Assumptions of Multiplier analysis based on I-O No constraints on economy s supply of land, labour, capital to produce output to meet additional demand (expanding tourism industry does not draw resources from other sectors) No changes in prices and costs (including exchange rates) in response to increased tourism demand Resources used in meeting the demands of tourists have no opportunity cost or value in alternate use. (that is, resource costs of supplying tourists needs is zero) government fiscal policy is irrelevant Result = exaggerated multiplier effects 33
34 Direct spending by visitors is only the tip of the iceberg Relatively easy to measure: visitor numbers, expenditure The indirect impact of tourism is much larger Hard to measure: subsequent spend by suppliers, induced effects, investment etc 26/ 09/ 201 Huge Economic Impact 34
35 In the real world however Leakages. Additional inputs and final products may be imported due to domestic shortages reduces the multiplier effect Factor supply constraints economies experiencing an increase in tourism expenditure face labour, land and capital constraints. tourist expenditure thus results in increased prices rather than increases in output, income and employment factor constraints lead to interactive industry effects which change the industrial composition of an economy Real exchange rate appreciation. Increased inbound tourism will strengthen the real exchange rate leading to a reduction in other exports and/or increase in demand for imports at the expense of the demand for domestic import competing commodities government fiscal policy expansionary or restrictive? Does Quebec cross-sectoral model recognise these issues?
36 CGE modelling to estimate economic impacts of tourism consist of a set of equations characterizing the production, consumption, trade and government activities of the economy treat the economy as a whole, allowing for feedback effects of one sector on another represent the economy as a system of flows of goods and services between sectors Recognises that tourism growth may change more the composition of industry rather than its overall size the increased output of the tourism industry may be more than offset by contractions in output elsewhere in the economy gainers and losers allow for the inclusion of constraints absent from I-O calculations CGE modelling shows the effects of tourism growth cannot be anticipated a priori CGE models enable what if scenarios to be developed so that policymakers can more clearly understand the economic effects of different changes that may affect the tourism industry.
37 Economic Impact Analysis using CGE: Recent studies Economic impacts of changes in inbound tourism by origin market country, motivation, special interest Economic impacts of tourism crises SARS, GFC, Bali Bombing, 9/11 FMD Economic impacts of special events (Olympic Games) Evaluation of economic policy yield measures returns to marketing expenditure air services agreements, expanded air routes globalisation policies effects of taxes Does tourism reduce poverty? etc
38 Example 1. Increased tourism to all Australian states: a study using a CGE model Researchers projected the impacts on each of Australia s six States of an assumed 10% increase in the national rate of growth of inbound tourism The increased tourism numbers were assumed to be distributed across the different States according to their existing market shares Expectation: each state will gain since it receives more tourism Surprise!!!!!!! Queensland, Australia's most tourism-oriented State, and a host destination to over 20% of Australia s international visitor nights, is a net loser from an across-the-board expansion of international tourism Tasmania and Western Australia also lose Why? These states are heavy exporters they suffer a decline in traditional export industries and import competing industries Implications for Quebec???
39 Industry Gainers and Losers Gainers Service industries catering directly to international tourists (eg, air transport, restaurants and hotels). Strongly stimulated by tourism growth Industries indirectly supplying tourism-related activities (eg, aircraft maintenance and construction). These are also stimulated by the additional expansion of tourism. But some construction may be crowded out. Losers Non-tourism exporters (eg, agriculture, mining, food and metals processing). Growth prospects in these industries are reduced by the appreciation of the real exchange rate produced by additional tourism expansion. Import-competing industries. Prospects in these industries are reduced by the tourism induced appreciation of the exchange rate.
40 Example 2: London Olympics 2012 an ex ante study The London2012 Olympics projected to have an overall positive effect on the UK and London economies, with an increase in GDP between of 1,936 million and an additional 8,164 full-time equivalent jobs created for the UK However, there is a loss of GDP and employment in the areas outside London. Reasons for this include: spending in London by UK residents from outside London visiting the Games; movement of workers into London because of higher wages; provision of Lottery funding, which in effect transfers money to London. The impact of the Games varies significantly across different sectors of the UK economy. Sectors that expand include construction, passenger land transport, business services, hotels and restaurants. Sectors that are not directly related to the Games may contract in size indirectly as a result of hosting the Games. These include manufacturing, agriculture, fishing and other services. These results are relative to the No Games scenario. While no sector is predicted to contract in the time span modeled, some will grow less because of the impact of hosting the Olympics. any changes to the UK economy associated with the Olympics2012 will be comparatively small. Even in the Olympic year, the total economy wide effect for the UK is only 0.066% of total UK GDP at 2004 prices.
41 Example 3: Economy wide Yield Measures Economy wide Yield measures can be estimated using CGE models estimate how an additional tourist from a market impacts on national value added, employment, and profits of all industries in the economy, after accounting for all inter-industry effects CGE based Yield measures can inform organisations in both the private and public sector about effective allocation of marketing resources and types of tourism development that meet operator and destination objectives.
42 Origin Real Value added per visitor night Singapore Hong Kong Malaysia USA Japan Indonesia Taiw an Thailand Korea China New Zealand Germany Average Other Europe Canada Other World UK Other Asia Real value added / visitor night ($) 9/2 6/2 42
43 GVA per night and length of stay, selected niche markets, Australia,
44 Gross operating surplus per night and length of stay, selected niche markets, Australia,
45 Estimated economy wide jobs generated by $1 million inbound tourism, Australia
46 Will tourists keep coming?? Consumer attitudes and values are changing Destinations need to understand these changes and the implications for future visitation Destinations need to provide the types of goods and services that tourists want to purchase This has implications for the types of tourism investment that must be undertaken
47 Under-investment in Australian tourism Greater investment in tourism plant and infrastructure will build productive capacity, drive long-term profitability, innovation and growth in the sector. a history of low rates of return: Financial institutions unwilling to invest in tourism because it is perceived to be a high risk venture with inadequate returns. Tourism investment opportunities are often viewed as speculative. This problem is most pronounced in regional and remote areas. Low returns also make it difficult for the tourism industry to attract and retain well-trained staff. a lack of basic market data: Lack of understanding at the regional level of positive economic benefits of tourism. Cautious investors: willingness of local entrepreneurs to invest in tourism is low. Limited investor awareness about investment opportunities, poor understanding of the tourism sector and its needs in government planning processes. the inherent cyclical and/or seasonal nature of tourism: Tourism has seasonal demand cycles and is subject to external factors outside the control of the industry. This can reduce annual revenues, return on investment and profitability of tourism facilities. complexities dealing with multi-level government project approval processes: The different levels of government in Australia present regulatory challenges to businesses. Complex and lengthy approvals processes add to costs and increase the uncertainty associated with a tourism project. a lack of a coherent vision and direction by governments: Tourism businesses depend on surrounding public and private infrastructure and amenities to provide a quality tourism experience to visitors. This need for supporting infrastructure, which is outside the scope or control of tourism operators, often adds an extra complication and increases the uncertainty associated with tourism investment proposals.
48 Possible Solutions for Australia (and Quebec??) Need to increase tourism industry productivity. Increased productivity can enhance the rate of return on tourism investment and lift the profitability and competitiveness of the industry. Productivity increases in tourism will require a more highly skilled tourism workforce in each sector. Tourism training and education important and crucial to enhancing industry productivity. the tourism industry needs to shift from a cost leadership strategy to one of product differentiation. This will require the development and delivery of high standard products and services needs a larger investment in research and analysis of market data to connect product with the needs of new and emerging markets and traditional visitor bases. Transport access must remain competitive. Tourism related transport infrastructure (road, aviation/airports, cruise/ports; inter-modal hubs; long distance passenger rail), provide a critical element of tourism service provision as a whole. Need to analyse influence of local, state and regional government policies and planning instruments in encouraging/attracting tourism innovation and investment. Regulatory reform is needed to provide transparency and certainty for investors and business. Since tourism is dominated by SMEs with limited capacity to invest in building a greater understanding of their product or to find ways of delivering it more productively, the actions and policies of governments of all levels are integral to the success of the development of the sector. Large investments require Cost Benefit Analysis
49 Cost Benefit Analysis economic impacts are not benefits (Vancouver Winter Olympics) CBA is the most comprehensive of the economic appraisal techniques. CBA is a systematic process for identifying and assessing all costs and benefits of a proposal (project, program, policy) in monetary terms, as they are expected to occur through the life of the project. CBA is particularly important in evaluating tourism policy, programs, regulations, projects and developments, since there is often a clear trade off between economic benefits and social costs. Tourism projects which might be economically beneficial may be rejected because of their adverse environmental and/or social
50 Classifying incremental costs and benefits Effects which can be readily identified and valued in money terms (eg. ticket sales to residents for a special event, revenues generated from restaurant meals, costs of waste disposal). Effects which can be identified and measured in physical terms but which cannot be easily valued in money terms because of the absence of market (eg, the value of preserving a wilderness area, the cost of noise from airport or hotel construction, time savings to travelers from a new transport link, or greenhouse gas emissions from motor coaches). Effects that are known to exist but cannot be precisely identified and accurately quantified, let alone valued (eg. crime prevention effects of police programs, outcomes of a publically funded tourism and hospitality training program, aesthetic effects of streetscape beautification programs, or loss to humans from species extinction). Costs and benefits that cannot be valued in money terms are often called 'intangibles'.
51 Advantages of CBA CBA promotes the efficient use of resources. CBA makes proponents consider costs and benefits that are external to the proponent CBA forces the decision-maker to think inclusively about all the costs and benefits of alternative actions. CBA encourages clear consideration of the true value added from a proposal by focusing on incremental net benefits. Its emphasis on the quantification of costs and benefits on a comparable basis can provide a useful hard edge to an evaluation strategy.
52 When to use CBA CBA can guide a wide range of decisions on types of tourism development, especially within the following four broad contexts. Analyzing capital expenditure eg. airport construction or expansion, the development of cruise shipping terminals, a resort development or highway construction, special event (Vancouver Olympics 2010) Analyzing a policy option eg. the costs and benefits of some policy regarding requirements for tourist visas, bilateral aviation agreements, tourism and hospitality training programs, or restrictions on the use of migrant labour Retaining or disposing of an existing asset government agency may be considering retaining a rail link to a tourist region or closing a museum, cruise terminal facilities or zoo. Evaluation of a project or program eg. Review of tax concessions offered to resort developers, or evaluation of financial support given to organisers of special events
53 Upshot Each of the economic approaches discussed are important to policy, planning and the development of tourism Expenditure measures of tourism yield are of limited policy significance TSA measures the direct economic contribution of tourism but not the indirect contribution. TSA not a tool for economic impact analysis Estimation of economic impacts of shocks to tourism demand require an economic model CGE models represent state of the art approach to estimating economic impacts The economy wide impacts of tourism growth must be acknowledged But - - economic impacts do not have the policy significance they are commonly thought to have Resource allocation to support tourism development must be underpinned by estimates of the net benefits of projects, policies and programs Future research and policy discussion needs to better understand the advantages and limitations of the different approaches
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