Discrete time touristic volume analysis in mean–variance spaces: the French hospitality sector situation

This article presents an empirical study of Luenberger indicator in a portfolio selection context (Brandouy et al., 2010) that we use in Tourism. Over time, we gauge market segment efficiency of overnight stays growth by the shortage function in a mean–variance space. Luenberger productivity indicator is deduced and decomposed to efficiency and volume touristic changes. The first component reveals the portfolio strategy performance, and touristic volume change appraises global market growth. The empirical results based on a sample of French overnight stays volumes during 1998–2008 period show that there is a market decrease in 2008. However, we note that for some market segments a lower volume does not necessarily mean lower productivity. The France destination strategy drive until 2008, permits us to have a better and more stable growth than the previous period.