New approaches to value creation in the tourism sector - the circular economy

"ABSTRACT. The circular economy is an alternative economic model to the current linear economy. The main feature of the circular economy is to preserve the value of resources. The circular economy generates indisputable environmental benefits, social benefits and added value for companies, aspects necessary to guarantee resource sustainability and ecological diversity in a globalized, complex and often unpredictable global context. Despite the fact that tourism plays an important role in the economic development of tourist regions and in the integration of these economies in the process of globalization, it puts great pressure on natural resources and the environment. Tourism activity generates environmental impacts and economic impacts. The aim of this paper is to analyze the future tendencies of tourism, how the circular economy can create value for the tourism sector and the steps to be followed to create a sustainable model. The society we live in has exhausted the resources needed to meet the future needs of an increasingly affected planet. Tourism is a sector sensitive environmentally, because while exploiting resources for its economic development, compromising their future growth. For this reason, it is very important to adopt tourism practices that promote respect for the planet - Earth, because we destroy our home and today we are already living the consequences and the circular economy is born of the real need to save the planet we live on. Change is the key to a sustainable model. Today there are endless opportunities, we need to rethink our current system and open up to new perspectives through innovation and creativity. Keywords: Circular economy, Sustainable tourism, Resources, Tourism JEL classification: Z32, L83, Q01, Q56 "

Perspectives and strategies of religious tourism for a sustainable development of the economy

"ABSTRACT. The purpose of this paper is to analyze the importance of religious tourism in sustainable development and to find effective strategies through marketing optics and methodology. The issue of religious tourism is a topical one and not without controversy. Romanian tourism is currently facing many problems, such as: reduced turnover, very frequent changes in the legal framework, very rigid labor market, a deficient infrastructure in quantity and quality, repeated changes in the behavior of economic agents and population, an unfavorable economic environment. To achieve this goal, qualitative research was conducted among tourism producers, intermediaries and tourists in the Neamţ region - one of the most important tourist areas in Romania and also an important region with religious and rural tourism destinations. The results showed that there is a special concern regarding religious tourism and could contribute to the local development of the area. Keywords: religion; religious tourism; development; sustainability; local resources JEL classification: M3, Z12 "

The influence of the COVID 19 pandemic on financial education

"ABSTRACT. Pandemic situation has changed the way we work, learn and shop. Digital finance has helped individuals and companies to meet challenges. The forecasts for the impact of COVID 19 on the world economy are pessimistic. The latest revision of the International Monetary Fund shows a deeper recession than the initial estimates for 2020 and a slower recovery in 2021. Some industries were completely blocked, others were significantly declining. The impact of the restrictions imposed by the epidemiological situation were negative in industries like the automotive industry, airlines, travel agencies, tour operators, hotels, restaurants, entertainment and construction. There were also industries whose activity had an increase due to the pandemic like courier, transport and health services. The need to maintain social distance has pushed forward digital solutions for payments and banking services. People have been taken out of their comfort zone when it comes to managing personal finances. The discrepancies between poor and rich countries became more evident during this pandemic. Lack of activity, limited opportunities to spend money and uncertainty have increased saving behavior. According to Eurostat, the saving rate of households in the euro area increased by 16.6% in the second quarter of 2020 compared to the first, but the investment rate decreased by one percent. Speaking of the crisis in general and the financial crisis in particular, it has been shown that it has significantly changed the financial behavior of individuals. This paper aims to analyze how financial education led to different financial behavior during the crisis and the exclusions circumstances that may occur. Keywords: Covid-19, financial education, personal finances. JEL classification: I15, A29, D14. "

From inhabitant to attendee in the eventful city of Cluj-Napoca: An exploratory and descriptive approach

"ABSTRACT. Worldwide the events industry is a developing one. It can be pointed out that it is directly connected to the development of communities in each destination. Events are well-known as an ageless concept, as being a part and of high importance in our footprint as humans. Cluj-Napoca, known as events destination, became a qualitative source of entertainment with options ranging from cultural festivals, gastronomic fairs, business meetings, self-development seminars, community gatherings to sports and athletic demonstrations. It displays a top-class portfolio of events, a range of all sizes and content, from the local traditional fairs, emblematic festivals such as TIFF Festival and Electric Castle, to a major entertainment source that is Untold Festival. Moreover, every event has its own authenticity and content, making it almost impossible for its participants to not find one in Cluj-Napoca with options ranging from all kinds of events. The purpose of our study was to identify and analyze the motivating and inhibiting factors for the residents, in attending events from Cluj-Napoca market, as well as the development of a profile of them as consumers. A secondary data analysis was used to explore the field of events. In 2020 for two months, a survey was conducted for data collection. A short questionnaire was implemented through a correspondence interview. The retained sample was 258 residents from Cluj-Napoca. Only a part of the collected data was used in the present study. Keywords: events, destination, events industry, profile of the event attendee JEL classification: L83, M31 "

Dimensions of culinary tourism and hospitability in Golden Triangle of India

"ABSTRACT. Purpose: Delhi, Agra and Jaipur form the golden triangle of India. This tourist triangle is designed to up-sell in the market with lucrative offers. “Palace on Wheels” is a luxury train that runs on this route and is targeted for foreign clientele with its extravagance segment. These three destinations have their significance due to the presence of historical monuments and UNESCO world heritage sites i.e., Qutub Minar, India Gate, Tajmahal, and many more. These places also offer an enormous variety of food and beverage with warm hospitality to relieve the tired tourists. The gourmet dishes of Golden Triangle are a must to try as it dates to the traditional cooking combined with a spicy aroma and soothing beverages. The paper is structured to judge the culinary facet and warm hospitality of the Golden Triangle. The main objective is to find out the impact of traditional food in attracting travellers. It will also identify the food trail experiences in enhancing a niche segment of buyers for culinary tourism. Design/methodology/approach: The research is exploratory and draws on food and beverage culinary experience delivery in the Golden Triangle. The exploratory research will judge the effectiveness of food tours and the warm hospitality extended to food tourists. Findings: The research will examine how Culinary Tourism and Hospitality in the Golden Triangle of India can form a niche segment of food and beverage buyers. How it enhances the customer experience with hospitable conduct. The study will highlight the benefits of culinary tourism and hospitality. Practical implications: The paper recommends the concepts of food and beverage culinary tourism experience for creating a niche segment of buyers as well as attracting potential buyers with its approach. The research will synthesize the factors to improve customer interest in taking food and beverage tourism. Originality/value: The research sought to address the advantages of curating food and beverage tourists in the golden triangle of India. It will also address how food and beverage tours can influence culinary tourism. Keywords: Culinary tourism, hospitality, traditional food, secret recipes, niche segment. JEL Classification: L83, Z31 "

Artificial Intelligence in Tourism & Hospitality – The Perception of Tourists and Tourism Companies in Romania

In a world where everyday life is directly influenced and focused on the use of technology as a support for individual and professional daily activity, we are all witnessing an increasingly obvious change in human interaction; we all notice how interpersonal interaction is rapidly being replaced by new technologies, solutions and application such as IoT and AI and which are going to completely change the perspective on human life so far. From this perspective and in the conditions of the ongoing pandemic, the present study focused on identifying the changes brought by AI solutions and applications in some of the most flexible and adaptable industries such as tourism and hospitality; in order to obtain a more complete picture, the study was oriented in a double perspective, namely the offer from the tourism & hospitality industry, on the one hand and the tourists, on the other hand; regarding the offer from tourism and hospitality, the study used both primary and secondary information, to visualize an image of the existing AI solutions/applications and adopted by the companies in these industries; For the category of tourists, knowing the generational difference regarding the new technologies from the perspective of the level of acceptance and their use, the study aimed at identifying generational profiles regarding the acceptance and use of AI applications in the tourist experience. We consider that the results of the study can be an important support for conducting more complex and comparative studies, related to the use of new technologies that obviously change the development of human society. Keywords: AI (artificial intelligence), tourism, hospitality, generations JEL classification: L86, M15, L83

Cryptocurrencies’ Puzzle

The present paper tries to bring a certain degree of clarity to the cryptocurrencies puzzle by discussing the existing definitions and some classifications identified by academic studies. Further, it investigate, based on various academic studies, the uses of cryptocurrencies and their potential role as alternative money. The regulations regarding the cryptocurrencies are also considered since the spreading of the cryptocurrency phenomenon and the risks associated with the use of cryptocurrencies in various capacities raise problems related to (small) investor protection and anti-money laundering. Key words: cryptocurrencies, medium of exchange, assets, regulations JEL Classification: E49; E59

Artificial Intelligence Applications and Impact on Consumers – With a View on Romanian Consumers’ Perceptions and Attitudes Related to AI

Artificial Intelligence based technologies are becoming more and more pervasive in people’s lives. Whether it takes the form of machine learning algorithms, Internet of Things smart devices, virtual assistants, chatbots, robots, AR/VR experiences, consumers are faced directly or indirectly, conscientiously or unconscientiously, with a variety of incarnations of what is generically called AI. The current debate surrounding AI seems to focus on a few major aspects related to this next technological breakthrough. Right from the start, there is intense discussion even around the definition of AI: what is and what is not AI, how broad of a definition can be applied, and which of the many current and envisaged applications are actually ‘intelligent’. Then, there is the critical issue of the use of consumers’ personal data and underlying privacy issues, as AI seems to be built and thrive on being fed enormous amounts of data of various kinds. And lastly, there seems to be increasing concern regarding the potential for AI to evolve into AGI (Artificial General Intelligence – independent self-reliant robots) and the threats this poses to humanity. A subject of potentially equal importance could be AI applications and implementations are impacting individuals’ lives and the manner in which people relate to, perceive and assess AI and the underlying current technologies, both in terms of the impact in their daily lives, as well as in terms of expected prospects for the future. This paper looks at the progress made so far in addressing some of the above questions and, by analyzing data from EU’s 2017 Eurobarometer study, attempts to reveal how various Romanian consumer segments perceive and relate to AI and current technologies. It identifies potential emerging inequalities from access, acceptance and usage of these technologies at present and in the future. The paper also sets out future directions for further understanding of the intricate relationship between human consumers and emerging AI tech, both in terms of benefits as well as potential threats. Keywords: Artificial Intelligence, algorithms, consumer behavior, decision making JEL Classification: M30, M31, M39

Capitalizing the Tourist Potential in Caraş-Severin County as a Premise for Regional Entrepreneurial Development

In the context when tourism has become a widespread phenomenon, there are many global concerns in this regard, with reference to the plans to protect the world’s cultural and natural assets, and to stimulate the sustainable development of this sector. Touristic, cultural and scientific bodies develop comprehensive strategies, initiating Conventions, drawing up plans and periodically preparing reports. Romania has a large number of tourist attractions, ranking 46th in the top based on this criterion, distinguishing itself also grace to the attractiveness of natural objectives, the total number of protected areas, the number of cultural objectives and the number of objectives in terms of oral and intangible heritage. Taking into account all these indicators, Romania may be proud of a vast touristic potential, which offers wonderful premises for starting a business in tourism, for the expansion of entrepreneurship and for the development of natural, cultural and anthropic resources. Each region and area of Romania has diverse and special particularities and characteristics, and we have to underscore their ability to become true business poles grace to the high level of their attractiveness, being capably of developing actual hospitality industries. The recognition of their existence and value obviously contributes to a very large extent to the promotion and inclusion of cultural objectives into various global rankings, actions that lead to an increased interest among tourists, and implicitly contribute to attracting a large number of visitors and generally have a significant media impact. In this respect, this paper highlights international and domestic coordinates related to the sizing and capitalization of tourism potential, analysing theoretical coordinates and statistical data. In addition, we also forward the results of a survey carried out in order to identify the prospects for capitalizing on the Romanian tourist heritage and the manner in which the highlighting of the Romanian touristic and cultural objectives can be a starting point for generating prosperous future business and can develop the business milieu in all areas, including in the regions experiencing a steep decline, like Caraş-Severin county. Key words: touristic sight, tourist attractions, business, hospitality industry, entrepreneurship JEL: Z32, L26

The Impact of COVID-19 on Culinary Businesses: A Review

Culinary tourism also referred to as food tourism or gastronomy tourism, is engaged in by individuals who seek out culinary experiences to broaden their understanding of food culture or lifestyle while travelling. Tourism is very lucrative to local, state and national economies. Over the past decade, tourists have transitioned to seeking cultural experiences, where individuals immerse themselves in the cuisine and lifestyle of a culture, from street food to gourmet and fine dining. According to World Food Travel Association (WFTA), 80% of travellers research food and drink options while travelling to a new destination. Moreover, the organization states that 53% of these travellers consider themselves “culinary travellers.” With the COVID-19 pandemic limiting international travel, the impact has been greatly felt across all industries. The use of technology has been widespread during this time. During the height of lock-downs, with some of our favourite restaurants and food services unavailable, many people turned to social media to learn how to make their favourite dishes at home. So, from virtual cooking shows and tutorials, to live tastings and remote social eating have all been used to keep people engaged and interactive temporarily replacing the traditional experience. In support of the United Nations World Tourism Organization’s #TravelTomorrow campaign, chefs from around the world, including UNWTO Ambassadors for gastronomy tourism, shared their local recipes, giving audience a taste of what to expect when people start to travel again, and highlighting the unique potential of culinary. This paper using integrative literature review will highlight some of the impacts and challenges that food business especially small and medium establishments faced as a result of this pandemic. Caring about local food businesses and markets can help preserve our culinary roots. The recovery plan might be slow, but the tourism industry has always been resilient, it will survive. Key Words: business, challenges, culinary, impact, tourism JEL Classification: M19, L83