The majority of travel and tourism companies have already initiated sustainable practices. The focus on reducing costs and improving efficiency, and minimizing the carbon footprint, are encouraging organizations to implement sustainable practices. Travel and tourism companies state that sustainable measures and green initiatives are important for their business prospects, and aim to utilize sustainability to enhance brand awareness and increase their competitive advantage.
Despite the high costs involved in implementing sustainability measures, sustainable practices reduce operational costs, decrease waste, and enhance worker productivity, which ultimately boosts the overall profit margin of travel and tourism companies. Travel and tourism companies strongly agree that consumers would pay 10% more to stay at a green lodging facility.
Key Findings
- Improvement in efficiency and cost reductions are encouraging organizations to implement sustainable practices
- The majority of organizations have implemented energy-efficient lighting and the regular monitoring of electricity/gas/water consumption
- The highest percentage of executives forecast an increase in their organization’s profitability with the implementation of sustainable practices.
- The survey results reveal that 47% of executives either strongly agree or agree to pay 10% more to stay at a green lodging facility.
Synopsis
This report is the result of an extensive survey drawn from Canadean’s exclusive panel of leading global travel and tourism industry executives. The report analyzes the current status of sustainable practices, and organizations views about significance of sustainable measures and green initiatives for business prospects over the next two years. The report also highlights important factors influencing implementation of sustainable practices in organizations and examines potential impact of sustainable practices on organization’s profitability. In addition, the report indicates major barriers towards implementation of sustainability measures and identifies preferred sustainable hotel destinations globally.
In particular, it provides an in-depth analysis of the following:
- Key drivers of sustainable practices in organizations: analyzes key factors which are influencing organizations to implement sustainable practices
- Prominence of sustainable measures and green initiatives for future business activities: examines importance of sustainable measures and green initiatives for business prospects over the next two years
- Projected change in sustainability management budget: indicates how executives expect their organization’s sustainability management budget to change over the next two years
- Potential impact of sustainable practices on organization’s profitability: ascertains executives expectations about the impact on their organizations profitability due to adoption of sustainable practices
- Significant challenges towards implementing sustainability measures: identifies main barriers faced by organizations towards implementation of sustainability measures
- Impact of sustainability in travelers selection for hotels, transport and meals: examines how often do travelers consider sustainability while choosing hotels, transport and meals
- Travelers viewpoint about additional expenditure incurred: examines Travelers opinion about incurring additional cost for staying at a green lodging facility
- World’s top sustainable hotel destinations: identifies globally preferred sustainable hotel destinations
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