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Analyzing the Symbiotic Relationship: Tourism Economics, Consumer Behavior, and New Age Practices as Coping Mechanisms for Emerging Challenges in Hospitality and Tourism

In: Proceedings of the International Conference on Innovation and Regenerative Trends in Tourism and Hospitality Industry (IRTTHI 2024)

Author

Listed:
  • Sunil Kumar

    (Institute of Hospitality, Management and Sciences, Director Academics)

  • Sanjeev Kumar Saxena

    (Assam University, Associate Professor, Department of Hospitality & Tourism Management)

  • Bhola Chourasia

    (Assam Down Town University, Associate Professor & Associate Dean)

  • Nishi Priya

    (Amity School of Hospitality, Amity University, Associate Professor)

Abstract

This research paper aims to comprehensively explore and analyze the intricate dynamics within the contemporary hospitality and tourism industry, addressing challenges posed by economic uncertainties, environmental sustainability concerns, and health crises, exemplified by the recent COVID-19 pandemic. The purpose of the study is to illuminate the nuanced relationships between economic resilience, sustainability practices, consumer behaviors, and the emergence of New Age practices in the industry. The methodology involves a rigorous approach, incorporating hypothesis testing, regression analysis, and data interpretation to uncover key insights. The findings reveal a substantial positive correlation between annual travel expenditure and travel frequency, emphasizing the central role of financial capacity in shaping travel behavior. Additionally, age-related distinctions in travel motivations are identified, with younger demographics showing a heightened interest in cultural exploration. The study highlights the association between preferences for cultural exploration and specific accommodation choices, particularly favoring vacation rentals. Furthermore, gender-based differences in culinary preferences underscore the need for tailored offerings for female travelers. These discoveries provide valuable guidance for industry stakeholders navigating the evolving landscape of hospitality and tourism, offering actionable insights for strategic decision-making and targeted marketing.

Suggested Citation

  • Sunil Kumar & Sanjeev Kumar Saxena & Bhola Chourasia & Nishi Priya, 2024. "Analyzing the Symbiotic Relationship: Tourism Economics, Consumer Behavior, and New Age Practices as Coping Mechanisms for Emerging Challenges in Hospitality and Tourism," Advances in Economics, Business and Management Research, in: Manish Sharma & Ajit Kumar Singh & Pankaj Tyagi (ed.), Proceedings of the International Conference on Innovation and Regenerative Trends in Tourism and Hospitality Industry (IRTTHI 2024), pages 108-138, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-437-2_9
    DOI: 10.2991/978-94-6463-437-2_9
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