Abstract

Tourism is considered as an important economic activity around the world due to its direct economic impact as well as it is significant indirect and induced impacts. Granting to the World Travel and Tourism Council, Travel and Tourism Industry is one of the world's most significant economic sectors accounting for 10.4% of global GDP and 313 million jobs, or 9.9% of total employment, in 2017. The direct and indirect impact of the industry on real estate development in the world is tremendous in terms of accommodation, catering to food and beverages, leisure, pleasure and relaxation. In Sri Lanka, tourism is the third-largest export earner in the economy, and during the past five years, there has been an unprecedented growth in the industry. However, tourism in Sri Lanka has much more untapped potential; thereby, the sector is poised to generate a range of growth and investment opportunities. However, it is only through the right policies and investment decisions; Sri Lanka can leverage the economic prospects of the Travel and Tourism Industry. This study analyses the importance of the Travel and Tourism Industry in terms of real estate development. It reviews significant trends that are shaping the growth and development of the Travel and Tourism Industry in Sri Lanka and aim to produce useful inputs for policy implications. The analysis is based on modified Tourism Satellite Account: Recommended Methodological Framework 2008 published by World Travel and Tourism Council, and carried out analysing both academic and non-academic publications, including published journal articles, annual and quarterly reports published by United Nations' World Tourism Organization, World Travel and Tourism Council, World Economic Forum and Sri Lanka Tourism Development Authority and through the raw data obtained by World Travel and Tourism Council for Sri Lanka.As per the analysis, the future outlook is bright for the tourism sector in Sri Lanka, and the country is expected to maintain a high rate of growth well into the next decade.

This study aims to provide a scientific insight into the consumer behavior of the housing market in Sri Lanka. Consumer behavior in the housing market presents a veritable problem to be reckoned with, which might not yet been addressed scientifically. The broader objective of the study is, therefore, to add the knowledge of consumer behavior of housing market in Sri Lanka to the existing body of knowledge. Further, it is expected, especially, to identify the determinants of the consumer behavior, to rate them in terms of importance, and to compare the relative importance of the determinants among different market segments. This study disclosed a number of attributes of the market according to the potential buyers' views in relation to buying decision of a house. 35% of the respondents stated that they would like to buy built houses rather than engage in construction. Further, it was identified that "location" of a house is the most important determinant of the buying decision. However, it is not the dominant factor because some other factors such as "quality of construction", "price", "legality", "facilities", "neighborhood" are also more important closely as important as the location. The other revealed fact is that the demographic variables such as age, income levels, and occupation are not highly effective criteria for the segmentation of the housing market. Accordingly, it is certain that this study provides a valuable supplementary to the existing literature of the marketing management through imparting the knowledge of the consumer behavior of the housing market in Sri Lanka. DOI: 10.4038/besl.v8i1.1906 Built-Environment Sri Lanka Vol.8(1) 2008 11-19

Airbnb is most famous as a part of the growing "sharing", "peer-to-peer", or "digital" economy where the platform transformed the traditional tourist accommodation services through its novel business model. In order to comprehend the influence of Airbnb on the tourism and hospitality landscape, it is critical first to understand the market and how Airbnb operates. Therefore, in this study, we explore the operation of Airbnb in Sri Lanka using descriptive statistics and maps by analysing the scrapped data of the Airbnb website. The study results show that Airbnb has been well established on Sri Lankan soil as an alternative accommodation service provider, and the listings have been scattered across the country. However, most listings tend to concentrate in the city centres of famous touristic districts and tourist resort regions in Sri Lanka. These findings will provide a valuable avenue for further investigation of the operation of Airbnb in Sri Lanka.

Objective: Digital micro-entrepreneurship in the tourism and hospitality industry is a novel phenomenon driven by accommodation sharing platforms like Airbnb. The purpose of the study is to explore the attributes, motivations, perceptions, benefits, and challenges faced by entrepreneurs in the peer-to-peer accommodation sector driven by the Airbnb Platform. Research Design & Methods: This study used a qualitative research design that followed inductive content analysis assisted by thematic analysis of semi-structured interviews with twelve micro-entrepreneurs who provide peer-to-peer accommodations in Sri Lanka. Findings: Peer-to-Peer accommodation entrepreneurs were motivated mainly by the curiosity to try Airbnb, followed by monetary and social gains. Amidst several challenges, such as the uncleanliness of some guests and violation of house rules, peer-to-peer micro-entrepreneurs enjoy their role as hosts and are satisfied with the overall hosting experience. Implications & Recommendations: The study provided peer-to-peer accommodation hosts a sense of empowerment and an opportunity to make their voice heard, which is crucial in developing an impartial public debate to develop the right policies for the peer-to-peer accommodation sector in Sri Lanka. Contribution & Value Added: The study contributes to the existing body of knowledge on entrepreneurship in the informal sector by viewing Airbnb hosts as informal microentrepreneurs with distinct attributes, motives, perceptions, benefits and challenges while providing valuable insights for various stakeholders in the industry.