The Impact of Economic Variables on the Travel and Leisure Industry of Japan, the USA, Germany, and the UK

Alp Polat and Tuba Sevil
Additional contact information
Alp Polat: Bilecik Seyh Edebali University
Tuba Sevil: Eskisehir Technical University

Business and Economics Research Journal, 2022, vol. 13, issue 3, 403-415

Abstract: After the spread of Covid-19 new concepts like social distance and mobility restrictions have become effective. Leisure activity preferences are changed toward in-home activities. These changes can affect the travel and leisure industry and economic changes owing to the Covid-19 pandemic. The study aims to investigate the travel and leisure industry of Japan, the USA, Germany, and the UK regarding economic linkages and Covid-19 impact. The research data covers the 2011-2020 period. The method of panel data analysis is implemented. The share price index of the industry is analyzed as a dependent variable which can be a benchmark for the industry with selected macro-economic factors. Independent variables are gross domestic product growth, consumer price index growth, consumer confidence index growth, share returns, and interest rates. Results support that the industry is highly dependent on economic factors. The interest rate and consumer confidence index growth have positive effects in the long run. In the short run, the effects of interest rates and gross domestic product growth are positive, while consumer price index growth contributes adverse effects. Results prove that the industry is affected by the Covid-19 pandemic, which is harmful in the long run.

Keywords: Stock Market; Travel and Leisure; Economic Determinants; Covid-19 (search for similar items in EconPapers)
JEL-codes: G10 M10 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.berjournal.com/tr/5713-2 Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:buecrj:0602

Access Statistics for this article

Business and Economics Research Journal is currently edited by Adem Anbar

More articles in Business and Economics Research Journal from Uludag University, Faculty of Economics and Administrative Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Adem Anbar ().