Contemporary Hospitality Industry

Contribution of hospitality industry in local, national and inter-national
economy
Hospitality industry is growing day by day with rapid face, which signify
that they establish themselves as backbone of country. Some aspects,
which show contribution of hospitality business in economy of country
Is as follow.
Contribution in local economy- Economic condition of local society and
market is improved through the support of IHG hotel. Like they
generated employment opportunity and business opportunities for
individuals. Along with this, they contribute in developing infrastructure
of country by paying tax to the ruling government.
Contribution in national economy- The economic factors includes laws
and legislation, policy that directly affect or relate with the monetary
policy of an organisation. In these several other business are included
like restaurant etc. IHG and other hotels increase the annual growth with
4.9% by attracting or bringing more number of guest, which results that
70 million, tourist travels towards UK. Similar as local economy
hospitality sector increased employment rate with 10% that increase
purchasing power of customers
Contribution in global economy- According to British Hospitality Association
there are more than 5, 00, 00 employees are working at global level as IHG is
operating their business among overall world. Along with these, they bring foreign
exchange in country. Along with these, it increases import export rates through
which trade activities also increased in society. Further management of IHG group
also signed different licensing and franchising through which growth they expand
their business at global level.
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