The economic importance of international travel to particular countries is seen by the amount of money generated by visitors. The 1981 receipts by country in billions of dollars are shown in Figure 1.6.
TRAVEL BARGAIN HUNTING
Price is a major factor in determining choice of pleasure travel destination. The travel sections of newspapers trumpet bargain, reduced fare and inexpensive. For the mass travel market, travel demand is elastic. In other words as the price comes down travel goes up. Each destination, however, has a limited luxury market segment. The airlines know this well and set aside a definite percentage of seats for first-class. For some destinations a B747 may have only ten first-class seats. For others the number may reach thirty or more.
Travel bargains vary with government policy concerning exchange rates and a variety of other factors. The strength of the American dollar as compared with other currencies is a major factor.