Contemporary Hospitality Industry

Contemporary Hospitality Industry
Contribution of Local Economy
Hospitality industry is widely diverse industry as it not
only provide accommodations and food services but
also offer attractive facilities like night clubs,
gymnasium, pool, internet shops, laundry, conference
and meeting rooms and more. Food service is one of
the prominent features that is provided by hotels. In
modern world, hospitality industry is currently one of
the highest profitable sector and booming with fast rate
as the number of travellers from all over the world are
increasing. This directly help hospitality industry to
strengthen its worldwide position by making
prominent contribution in local, National and
international economy. As per the statistical data, this
industry remarkably contributes in a country's GDP
and increase per capita income by providing job
opportunities. Further, it has been seen that hospitality
industry nearly contributes 2.4 million jobs by the year
2017, which lead towards increasing a country internal
work force segment. In addition with this, estimated
amount of one 170,000 commercial setups contributed
by hospitality sector in the provinces of United
Kingdom.
National Economy
Revenue that has been generated by this industry is
up to 90 billion Euros that effectively contributes in
country's domestic production. In order to strengthen
hospitality industry government of UK is required to
offer more attractive leverages to the sector as UK
have prominent tourist places within them. Thus, with
the help of hospitality sector, country can gain
attractive place in global market.
International Economy
It has been analysed that international
tourist are also one of the strongest
elements that lead towards contributing in
UK economy through the mode of amount
spent by them on shopping, Railways and
Airways expenses. This directly leads
country towards gaining more
developmental growth. As in this, foreign
currency holding of a country increased
that strengthens their position in global
market. While, on the other hand licensing
and franchising is also strong factor that
contributes in UK development by
increasing their International image within
global market. Thus, further look towards
attainment of more positive and profitable
outcome.