Tourism brings large amounts of income into a local economy in the form of payment for goods and services needed by tourists, accounting as of 2011 for 30% of the world's trade in services, and, as an invisible export, for 6% of overall exports of goods and services. It also generates opportunities for employment in the service sector of the economy associated with tourism. It is also claimed that travel broadens the mind.
The hospitality industries which benefit from tourism include transportation services (such as airlines, cruise ships, transits, trains and taxicabs); lodging (including hotels, hostels, homestays, resorts and renting out rooms); and entertainment venues (such as amusement parks, restaurants, casinos, festivals, shopping malls, music venues, and theatres). This is in addition to goods bought by tourists, including souvenirs.
On the flip-side, tourism can degrade people and sour relationships between host and guest. Tourism frequently also puts additional pressure on the local environment.
The economic foundations of tourism are essentially the cultural assets, the cultural property and the nature of the travel location. The World Heritage Sites are particularly worth mentioning today because they are real tourism magnets. But even a country's current or former form of government can be decisive for tourism. For example, the fascination of the British royal family brings millions of tourists to Great Britain every year and thus the economy around £550 million a year. The Habsburg family can be mentioned in Central Europe. According to estimates, the Habsburg brand should generate tourism sales of 60 million euros per year for Vienna alone. The tourist principle "Habsburg sells" applies.
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