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Tourism is travel for pleasure or business; also theory and practice of tours, the business of attracting, accommodating, and entertaining tourists, and organizing tours. The world Tourism Organization defines tourism more generally in terms that go beyond the “generally accepted perception of tourism as a limited leisure activity,” as people “traveling and living in places outside their usual environment for no more than one consecutive year, in free time and at least 24 hours, for business and other purposes”.

Tourism can be domestic (in the traveler’s own country) or international, and international tourism has both inbound and outbound implications for a country’s balance of payments.

Tourist numbers declined as a result of the severe economic downturn (recession at the end of 2000) between the second half of 2008 and the end of 2009, and after the 2009 H1N1 influenza virus outbreak, but slowly recovered. Globally, international tourism revenues (the travel item in balance of payments) rose to $1.03 trillion (€740 billion) in 2005, corresponding to a 3.8% real increase since 2010. In 2012, the number of international tourists worldwide exceeded 1 billion tourists. Emerging markets in sources such as China, Russia, and Brazil have grown significantly over the previous decade. ITB Berlin is the world’s leading travel trade fair. Global tourism is associated with c. 8% of the world’s greenhouse gas emissions.

The economic basis of tourism is essentially the cultural values, cultural property, and nature of the travel destination. World Heritage Sites are especially important to mention today because they are real tourist magnets. But even the current or previous form of government in a country can be crucial for tourism. For example, the charm of the British royal family attracts millions of tourists to Great Britain every year and thus saves around £550 million a year. The Habsburg family can be mentioned in Central Europe. In Vienna alone, the Habsburg brand is expected to generate 60 million euros a year in tourism sales. The tourist principle “Habsburg Sells” is in effect.

As part of the service sector, the tourism industry has become an important source of income for many regions and even for entire countries. The 1980 Manila Declaration on World Tourism recognizes its importance as “an activity that is important for the life of nations because of its direct impact on the social, cultural, educational and economic sectors of national societies and on their international relations.”

Tourism generates a large income for the local economy in the form of payment for goods and services needed by tourists, accounting for 50% of world trade in services in 2016.

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