Abstract
AbstractStructural change in the tourism industry is a potential driving force for tourism demand. Using sectoral‐level data of capital formation, employment, and value‐added as diversification measures, a positive relationship is found to exist between sectoral diversification and tourism demand in Macao. Heterogeneous effects on market origins of varying saturation levels show that sectoral diversification is a potential strategy for attracting visitors from more distant and less saturated origin markets. In order to build up a long‐lasting resilience to external shocks, development policy should focus on cultivating market incentives for private sector stakeholders to participate in the diversification process.
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