Sustainability in the Travel and Tourism Industry: Emerging Trends, Organizations Approach and Travelers Viewpoint

Sustainability in the Travel and Tourism Industry: Emerging Trends, Organizations Approach and Travelers Viewpoint


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Executive Summary

The majority of travel and tourism companies have already initiated sustainable practices. The focus on reducing costs and improving efficiency, and minimizing the carbon footprint, are encouraging organizations to implement sustainable practices. Travel and tourism companies state that sustainable measures and green initiatives are important for their business prospects, and aim to utilize sustainability to enhance brand awareness and increase their competitive advantage. Despite the high costs involved in implementing sustainability measures, sustainable practices reduce operational costs, decrease waste, and enhance worker productivity, which ultimately boosts the overall profit margin of travel and tourism companies. Travel and tourism companies strongly agree that consumers would pay 10% more to stay at a green lodging facility.

Key Findings

Improvement in efficiency and cost reductions are encouraging organizations to implement sustainable practices

The majority of organizations have implemented energy-efficient lighting and the regular monitoring of electricity/gas/water consumption

The highest percentage of executives forecast an increase in their organization's profitability with the implementation of sustainable practices.

The survey results reveal that 47% of executives either strongly agree or agree to pay 10% more to stay at a green lodging facility.

Synopsis

This report is the result of an extensive survey drawn from Canadean's exclusive panel of leading global travel and tourism industry executives. The report analyzes the current status of sustainable practices, and organizations views about significance of sustainable measures and green initiatives for business prospects over the next two years. The report also highlights important factors influencing implementation of sustainable practices in organizations and examines potential impact of sustainable practices on organization's profitability. In addition, the report indicates major barriers towards implementation of sustainability measures and identifies preferred sustainable hotel destinations globally.

In particular, it provides an in-depth analysis of the following:

Key drivers of sustainable practices in organizations: analyzes key factors which are influencing organizations to implement sustainable practices

Prominence of sustainable measures and green initiatives for future business activities: examines importance of sustainable measures and green initiatives for business prospects over the next two years

Projected change in sustainability management budget: indicates how executives expect their organization's sustainability management budget to change over the next two years

Potential impact of sustainable practices on organization's profitability: ascertains executives expectations about the impact on their organizations profitability due to adoption of sustainable practices

Significant challenges towards implementing sustainability measures: identifies main barriers faced by organizations towards implementation of sustainability measures

Impact of sustainability in travelers selection for hotels, transport and meals: examines how often do travelers consider sustainability while choosing hotels, transport and meals

Travelers viewpoint about additional expenditure incurred: examines Travelers opinion about incurring additional cost for staying at a green lodging facility

World's top sustainable hotel destinations: identifies globally preferred sustainable hotel destinations

Reasons To Buy

The report provides information about potential impact of sustainable practices on organization's profitability. This will help organization to develop future business plans

The report assists readers in making strategic decisions by understanding the significance of sustainable measures and green initiatives for business prospects over the next two years as highlighted by organizations

The travel and tourism industry executives will be provided with level of implementation of green initiatives and sustainability practices

The report highlights Impact of sustainability in travelers selection for hotels, transport and meals, and identifies travelers opinion about incurring additional cost for staying at a green lodging facility

The report helps industry executives to redesign business strategy by providing information about expected change in sustainability management budget over the next two years and major barriers faced by organizations towards implementation of sustainability measures



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Introduction

Definitions

Methodology and sample size

Respondent profile

Significance of green initiatives and sustainability practices

Current status of sustainable practices within organizations

Key drivers of sustainable practices

Importance of sustainable measures and green initiatives

Level of Implementation of green initiatives and sustainability practices

Budget allocation for sustainable practices and its impact on organizations' profitability

Projected change in sustainability management budget

Change in organization's profitability due to adoption of sustainable practices

Travelers view on selecting and spending on sustainable and green facilities

Major barriers towards implementation of sustainability measures

Role of sustainability in travelers' selection for hotels, transport and meals

Travelers' view on incurring additional cost for staying at a green lodging facility

World's top three sustainable hotel destinations

Appendix

Figure 1: Current status of sustainable practices within organizations-Overall

Figure 2: Current status of sustainable practices within organizations-Region

Figure 3: Current status of sustainable practices within organizations-Company type

Figure 4: Key drivers of sustainable practices-Overall

Figure 5: Key drivers of sustainable practices-Region

Figure 6: Key drivers of sustainable practices-Company type

Figure 7: Importance of sustainable measures and green initiatives-Overall and Region

Figure 8: Importance of sustainable measures and green initiatives-Company type

Figure 9: Level of Implementation of green initiatives and sustainability practices-Overall

Figure 10: Level of Implementation of green initiatives and sustainability practices-Region

Figure 11: Level of Implementation of green initiatives and sustainability practices-Company type

Figure 12: Projected change in sustainability management budget-Overall

Figure 13: Projected change in sustainability management budget-Region

Figure 14: Projected change in sustainability management budget-Company type

Figure 15: Change in organization's profitability due to adoption of sustainable practices-Overall

Figure 16: Change in organization's profitability due to adoption of sustainable practices-Region

Figure 17: Change in organization's profitability due to adoption of sustainable practices-Region

Figure 18: Change in organization's profitability due to adoption of sustainable practices-Company type

Figure 19: Major barriers towards implementation of sustainability measures-Overall

Figure 20: Major barriers towards implementation of sustainability measures-Region

Figure 21: Major barriers towards implementation of sustainability measures-Company type

Figure 22: Role of sustainability in travelers' selection for hotels, transport and meals-Overall

Figure 23: Role of sustainability in travelers' selection for hotels, transport and meals-Region

Figure 24: Role of sustainability in travelers' selection for hotels, transport and meals-Company type

Figure 25: Travelers' view on incurring additional cost for staying at a green lodging facility-Overall

Figure 26: Travelers' view on incurring additional cost for staying at a green lodging facility-Region

Figure 27: Travelers' view on incurring additional cost for staying at a green lodging facility-Company type

Figure 28: Top three global sustainable hotel destinations

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Sustainability, implementation, green initiatives, travelers, factors, hotel destinations, budget, profitability, barriers, statements, agreement, disagreement.

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