Discuss the effect of tourism on Portsmouth's Economy Essay

Discuss the effect of tourism on Portsmouth's Economy - Essay Example The large shopping areas in Portsmouth include the Ocean Retail Park on the North-Eastern side of Portsmouth. There are large shopping areas which incorporate tourists in large sections and also provide attractive facilities to the tourists. Effect of tourism on Portsmouth’s Economy The city of Portsmouth witnessed a high number of 638000 staying trips made by the tourists in 2010. This shows the huge volume of tourism in the city of Portsmouth out of which 547000 trips were made by the domestic tourists of Portsmouth and 91000 staying trips were by the overseas tourists. The increasing number of tourists in the city of Portsmouth could be attributed to the major attractions of the city in welcoming tourists to visit the place. The tourists visit Portsmouth in order to enjoy the naval history of the place. The increase in tourism resulted in the rise of inflow of tourists for visiting the D-Day Museum, the Royal Naval Museum, etc. The increasing number of tourists visiting Por tsmouth has impacted the economy of Portsmouth in several ways in the positive direction which has been explained as follows. Due to the increase in the number of tourists in Portsmouth, the level of spending in the economy increased. The tourists brought in huge funds for spending in Portsmouth. These funds were spent for meeting the expenses of tourism, day trips, night trips, accommodation in Portsmouth, food and shopping, etc. The visitors staying in Portsmouth have spent a total of 130.6 million pound sterling during their trips in 2010. This is an increase of the funds spent through tourism activities by 4.1% as compared to 2008. The day trips made to the Gunwharf Quay increased by 5.5% in 2010 as compared to the footfall in 2008. This generated an additional expenditure of 8% in 2010 as compared to the figures of 2008 amounting to 269.9 million pound sterling. The increasing expenditure by the tourists was due to the increasing demand from the tourists in consuming essential and luxury products during their trips to Portsmouth. The high amount of funds spent by the visitors led to the injection of additional liquidity in the economy of Portsmouth. The increase in the liquidity led to the rise in the income level of population as compared to the earlier years. The people of Portsmouth experienced a rise in their purchasing power and the potential to invest more in the economic and commercial activities. This led to the changes in the style of livelihood and the people began to open up in terms of their spending limits by accepting the forces of change. The activities of tourism result in the exchange of culture between the city of Portsmouth and the other cities as well as the overseas culture. The habits of the domestic people also started to undergo changes due to the flourishing industry of tourism. Overall, there was a trend of development in the livelihood of the people of Portsmouth due to the economic advancements on account of the increasing acti vities of tourism over the last decade. The developments of tourism industry in Portsmouth and the rise in the income level of the local population of due to the development of tourism in the economy resulted in the increase of purchasing power of the people. The increasing dema

Economic downturn hits Oz Clothing Essay Example | Topics and Well Written Essays - 3500 words

Economic downturn hits Oz Clothing - Essay Example In the near future, there are also indications that the government will provide further empowerment to labor unions such as the CWU in light of its newly instituted Industrial Relations policy. Economic – The global economy is experiencing a critical downturn, resulting in the cancellation of orders by large retailers who are in turn affected by poor consumer demand. The high cost structure of the firm, particularly its labor, is rendering the firm uncompetitive against rival firms operating in regimes that allow them a lower cost structure. The Australian garments industry may not be able to secure additional bailout funds from the government as it has already released a large amount of funding for this purpose, and is itself deep in public debt which it may not wish to increase further. Social – The Australian Council of Trade Unions plans to mount a campaign to â€Å"buy local† which may be joined in by other non-governmental organizations and special interest groups. The ultimate objective is evidently to create a broad-based, society-wide demand for local products in order for demand to support more profitable business operations for Australian firms. To jump start the process, however, the initial objective is to secure the commitment of federal, state and local governments to give preference to products that have been made in Australia. Technological – The industry’s production method is low-skilled and labor intensive, for which reason it is prone to easy replication in countries that have a large labor base that are able to command a lower labor cost. Such a country is China, which has successfully mass... The paper tells that the business of Oz clothing has entered a period of economic uncertainty, requiring the need for a strategic change in order to survive. The Australian firm manufactures clothing items among which are underwear lines it describes as commodity type, indicating the lack of distinguishing characteristics or brand name from other mass produced, basic clothes wear. Oz Clothing will be undertaking a bold, risky, yet in the long run necessary, strategic change that promises to create short-term uncertainties for the company, but greater stability and growth in the distant future. A shift of market focus may prove beneficial; it is suggested that the firm design products for the senior consumers (50 years old and above), which is the fastest growing and most wealthy segment of society. The change will involve dramatic alterations in the firm’s products, for which its old manufacturing processes may no longer be applicable. A change in the skills set needed will th erefore have to be acquired by the employees, for which training and mentoring will need to be done. Secondly, the firm will need to create a bond of trust between itself and its employees, and conduct business in a transparent way with its employees, in case there will be a need to engage them to agree to a pay reduction or shorter work week for the duration of the crisis. Furthermore, in order to avoid demotivation or labor union disputes, it will be necessary to frankly approach the matter of possible layoffs and work stoppages if such will be warranted by the firm’s financial situation.