Introduction to the Experience and Visitor Economy

Introduction to the
Experience and Visitor
Economy

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
a) Scale of the hospitality industry..............................................................................................3
b) Scope and the diversity of the Hospitality industry................................................................4
c) Examine the positive and negative impact of hospitality industry.........................................6
CONCLUSION................................................................................................................................7
RECOMMENDATION...................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Hospitality industry is the wide category of fields that comes under services industry and
includes lodging, food and drink services, theme park, event planning and transportation.
Servicing Customer Well is the primary objective of the hospitality industry that focus on
creating high-quality services and on hiring the excellent employees who show their empathy
and professionalism to their customers(Eom and Han, 2019). This report will cover the scale,
scope and size of the industry and also evaluate the value to the industry and their contribution to
the GDP. It also examine the different sectors of the industry and range of products.
MAIN BODY
a) Scale of the hospitality industry
It is the fastest growing industry which is contributing the higher share to the country's
GDP. This is the industry which cares for the satisfaction of the customers by offering the high
standard of the services. A hospitality unit such as restaurant, hotel or the amusement park
consist of several units such as direct operations and facility maintenance( Housekeepers, kitchen
workers, bartenders, marketing etc.). It a multibillion-dollar industry that depends on the
disposable income and satisfaction of the customers. The user penetration is 2.3% in 2021 and
they are expecting the amounted to US$ 164.38 by 2025.
AS per the report, there are more than 207000 eating venues in England and around 25%
of the fast food outlets. According to the British Beer and Pub Association, there is around 8.5
billion pints of beer were sold and 7.4 billion 175ml glasses of wine. They have paid the tax
around £7bn that is higher than paid in 2010. The UK tourism industry is the 8th largest industry
in the World.
Value of the hospitality industry
It is the most developing and revenue generating industry which is making the use of
advance and the innovative techniques so that they can satisfy the integrated demands of the
guest. Revenue generated in the hotel segment is amounted to US$15,076m in 2021. and the
average revenue of the hospitality industry is amounted to US$593.35. They industry has growth
up to 34.4% in the year of 2021. Hospitality industry is the one which is contributing in
enhancing the living standard of the individual by which they make the best use of their
resources.