UNIVERSITY OF MUMBAI
LALA LAJPAT RAI COLLEGE OF COMMERCE AND ECONOMICS
Submitted By: Dhruv Gupta
Class: TYBMS – A
Project Guide: Prof. Arun Poojari
Academic Year : 2012-2013
This is to certify that student of Third Year of Bachelors of Management studies: Div. A, Seat No. 000167, Mr. Dhruv Gupta, has successfully completed the project titled “A study on the change in demand for outbound travel due to the global recession, for residents of Bandra, Mumbai. I”, for his Bachelor of Management Studies course, with University of Mumbai, under our supervision and this is the result of her earnest work. The information given by her in this project is original and true to the best of our knowledge.
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BMS Coordinator Project Coordinator External Examiner
I, Dhruv Gupta a student of third year, Bachelors of Management Studies, Lala Lajpatrai College of Commerce & Economics, hereby declare that the information submitted in this research hardcopy on “A study on the change in demand for outbound travel due to the global recession, for residents of Bandra, Mumbai” has been done by me, and is true and original to the best of my knowledge.
SEAT NO. 000167
“Success is a journey, not a destination. The doing is often more important than the outcome.” – Arthur Ashe.
I would like to acknowledge and thank Professor Arun Poojari, the teacher and guide for his unrelenting support and his commendable patience throughout the completion of my internal assessment. He gave me this challenging research, which has aided in developing my insight for the subject, which initially seemed dry and only mathematical.
I would like to thank all the respondents who helped me in the most important part of my research, by answering my questionnaire with focus and integrity enabling me to achieve accurate results.
I would also like to thank my college Principal, Neelam Arora and Vice-principal Professor Arun Poojari for giving me this opportunity to showcase my hard work.
Finally, I would like express thanks to the various travel agents who I interviewed – Mr. Virendra Kumar (Cox and Kings), Ms. Rupali Mathur (Raj Travels) and Mr. Vivek Jain (Griffon travels) – who assisted me with invaluable information which guided the analysis of my essay. They also allowed me to access industry resources which helped me to substantiate my analysis.
It was a great experience studying and learning with regard to this industry.
My heartfelt gratitude towards all mentioned above.
How has the current recession affected demand for overseas travel for different consumer groups, based on the income elasticity of demand?
I have chosen to do my Extended Essay in Economics, particularly, microeconomics, due to the numerous applications of microeconomic principles. The essay assesses the impact of the global economic slowdown on outbound travel expenditure for households in Bandra, Mumbai. It incorporates the concepts of income and cross price elasticity of demand. The primary data sources are the consumer survey and personal interviews with travel agents. This has been supported by findings from industry-specific magazines and newspapers.
The research findings indicate a vast difference in the travel expenditure patterns between income groups. The...