One of the fastest-growing sectors in the world economy today is travel and tourism. It is the engine that drives the many-faceted hospitality business.
According to the World Travel and Tourism Council (WTTC), people around the world spent about $2.1 trillion in the year 2003 on their personal travel. This amounts to almost 10 percent of consumer spending worldwide. If you add in business travel, the amount of money flowing into the travel and tourism sector is even higher, by an additional $700 billion.
To care for the needs of these travelers, huge amounts of money are invested to build hotels and restaurants, resorts, theme parks, conference centers and the dozens of other types of businesses that look after them.
In the year 2003, about one out of every 10 dollars that went into a capital investment was directed into the tourism or travel business. The sector accounts for over 10% of the world's GDP, making it the largest slice of the world's economic "pie." Projections for the next 10 years forecast average growth of about 3.7% each year.
In the Hospitality Business category, May International assists with hotels, motels, golf courses, spas, membership organizations and other facilities that cater to guests and visitors.
