Macro-economic factors, especially currency fluctuation, have significant impact on tourism in a country. Recently, Swiss franc has been strengthening against the world’s major currencies such as the U.S. dollar, euro, and British pound.
However, the impact has not been extensive because of a number of factors such as new types of tourism like health and medical tourism, strong financial services in the country, and ability of the industry players in the country to deal with the situation.
Impact of Currency Fluctuation on Tourism in Switzerland
Over the years, tourism has been one of the greatest phenomena that enhance human interactions, cultural exchanges, leisure activities, and economic advancements among other benefits. It is agreeable that people across the world learn new things and experience new things through tourism (Elliott and Johns, 1993). Tourism entails activities of individual or group of individuals travelling to destinations and staying in environments that are away from their usual environment for a particular period of time for leisure, pilgrimage, business and other purposes (Lundberg et al, 2005). Tourism has provided the human species with the opportunity to explore new environments and travel to various parts of the world with fewer restrictions, a scenario which would otherwise be unattainable. Due to tourism and benefits derived from it, countries hosting tourism destinations have relaxed their rules and laws on visitors visiting for tourism reasons (Reynard, 2008). ...