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Financial factors

When considering financial influences you need to understand that tourists need to consider the actual costing of the chosen holiday or visit. Tourists think about whether the destination has a reputation of being a cheap place to visit and stay or if it has a reputation of being expensive? Think along these lines, if a tourist is affluent, an expensive destination may not be an issue but a family of 5 with limited disposable income may have very different thoughts.

Another financial consideration would be to whom the destination appeals, is it a mass-market destination or an upmarket destination? Generally, upmarket destinations attract people who have more disposable income. Mass-market destinations generally attract those who have less flexibility with time and less disposable income, e.g. families who are governed by school holiday times and possibly less disposable income.

Lastly, you will need to think about accommodation; the cost of accommodation in particular, as this is also a financial factor that tourists will consider before making final decisions. Today, there is a wide range of accommodation available and many online booking sites such as Booking.com, Expedia and Travelocity offer a great deal of choice often at very competitive prices. You need to appreciate that many tourists no longer rely on a package holiday from the travel agent but like to shop around to find accommodation to suit their budget. This can range from a B&B to 5* or even 6* luxury hotels.

How much is the holiday going to cost?

The cost of a holiday will play a major part in the final decisions many tourists will make.

Lots of tourists have to think about the cost of the holiday or visit including

  • Can I afford to go?
  • Will I have enough money to spend when I get there?
  • Will the destination be too expensive for me?
  • Are there cheaper options available?