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Money For the Rest of Us

Is Tourism Harmful or Helpful? The Economic and Cultural Impact of Global Travel

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 15 November 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

What are the economic and cultural benefits of tourism. What are the downsides to too much tourism. How to find the right balance.

Topics covered include:

  • How short-term rentals have changed tourism
  • How cities grapple with too many short-term rentals
  • What is the outlook for short-term rentals
  • How much does tourism contribute to economic output
  • How can tourism be harmful and helpful
  • The example of Cuba


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Show Notes

International tourism revenue, percent of GDP - Country rankings—The Global Economy

U.S. Travel and Tourism Satellite Account for 2017–2021 by Sarah Osborne—Journal of US Bureau of Economic Analysis

2023 Short-Term Rental Mid-Year Outlook—AirDNA

Welcome to Hochatown, the Town Created by Airbnb by Julie Satow—The New York Times

Short-Term Rentals Attract Private Equity Seeking New Asset Class by Sean O'Neill—Skift

As Cuba’s economic crisis deepens, citizens scramble to migrate by any means by Dave Sherwood—The Irish Times

Cuba's worst economic crisis in decades forces people to get creative to survive by Eyder Peralta—NPR

Related Episodes

93: Capitalism, Complexity and Cuba

389: Is Airbnb Intensifying the Housing Crisis?

449: The House of Cards: Evaluating Economic and Financial Warning Signs


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Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest it, and how to live without worrying about it.

0:10.0

I'm your host David Stein. Today is episode 456.

0:14.1

It's titled, Is Tourism Harmful or Helpful

0:17.8

The Economic and Cultural Impact of Global Travel?

0:22.1

I've been putting together a trip with Lipprille, my daughter, and son-in-law.

0:28.1

We're going to Yukatant, Mexico. This is a gift for my daughter and son-in-law for graduating from university.

0:36.0

We're heading to Yucatan.

0:38.0

My son-in-law is a photographer and he wanted to visit the town of Campeche, a historical, I think it's a UNESCO World Heritage

0:48.2

site, town, beautiful town, we've been there several times, and that's one of the places he wanted to go

0:54.0

and my daughter wanted to go explore the rainforest, particularly down near the

0:58.7

ruins of Kalakmool. One of the places we're going to stay is By the Lead. This is a beautiful town in the

1:06.6

Yucatan. Amazing history. And I used to live there back in the mid-80s, and I've been back five or six times.

1:14.6

Typically I've stayed at the Hotel Meson de Marques which is right there in the center

1:21.0

square across from the cathedral. But the last two times I've

1:25.8

stayed in by the lead I've rented through Airbnb. I looked at rates for the

1:32.1

Hotel Meson de Marques.

1:34.2

They wanted $258 a night for a room.

1:38.8

Now, the nice hotel, the dinner is great in the courtyard there, but it seemed a little pricey.

1:45.2

So I booked an Airbnb, two bedrooms, two bath, in a quiet area of town that I know, $150 per night

1:52.4

including fees and taxes. Since 2013 I've stayed

1:56.4

over 90 times using Airbnb in over 15 countries. I've also stayed at hotels, probably more hotels than Airbnb's.

2:05.1

We go back and forth depending on how economical it is and convenient, how large our party is when

...

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