The travel and hospitality industry is formed by three types of companies with considerable overlap: retail travel agencies, business travel management companies and tour operators. Demand of the industry is driven by business and leisure travel, which is subsequently dependent on the shape of the economy. Major services include reservations, tickets for airline flights and lodging, as well as leisure cruises and packaged tours. Other more minor services include entertainment and event tickets, time-share services, convention and sightseeing services and car rental reservations. In recent years, there have been two major factors affecting the industry: sophisticated pricing schemes created by the airlines to maximize profitability, and the progression of the Internet as a widely available information and booking tool.
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