As evident from the graph, the growth of the tourism industry was very rapid in the 1950s-1980s but slowed down towards the end of the 20th century. This can be explained by three factors. First, the rapid growth of demand was highly influenced by the fact that after the Second World War, the people living in developed countries had the income, time, and desire to travel. Moreover, in the 1960s, the supply provided by the tourism industry has grown significantly due to the development of a standardized approach to inclusive tours. Moreover, the increased international cooperation in various business sectors has triggered the development of business tourism.
The second factor that influenced the growth pattern was the economic crisis of 1974 and the recession that followed it. The fall of the US dollar, the Chornobyl incident, and the Gulf war have decreased the growth rates, as shown in the case study. Finally, the third factor that has impacted the growth of the industry was market saturation. As the tourism market has moved into the mature stage, there are fewer opportunities for growth. For instance, it can be said that the European, American, and Asian tourist markets have reached their potential. The Middle Eastern and African markets are yet to grow further, but tourism to these regions is highly impaired by difficult political and economic situations.
