The Contemporary Hospitality Industry: A Report on Economic Impact

This report provides an overview of the hospitality industry's significant contributions to local, national, and international economies. It highlights the industry's growth, particularly in areas like tourism and employment, with a focus on the UK market. The report discusses the role of restaurants and the travel sector in driving industry success, noting the high number of tourists and the industry's impact on job creation. Furthermore, it examines the industry's expansion through franchising and licensing, and its influence on the living standards of people. The report references the British Hospitality Association and its impact on the industry, as well as specific examples like McDonald's and Burger King, showing how the industry contributes to both regional and national economic growth. The report also highlights the importance of the hospitality industry at a global level and the need for expansion of its services and strategies to compete in the market.

Contemporary Hospitality Industry
Contribution of hospitality industry to local, national and
international economies:
The hospitality industry is one of the fastest growing industry and it is also
contributing in the GDP of the country. Hospitality industry is contributing
to the growth and cultural environment of the world. The focus of
hospitality industry is to expand its services at global, national and local
level. Restaurants and travel sector plays a major role in the growth and
success of this type of industry. Approximately 700 million tourists travel
to various parts of UK and its annual growth rate is of 4.9%. Hospitality
industry is also able to provide employment opportunities to the individuals
of UK. This means with the help of hospitality industry employment can be
given to almost 2.5 million people. Due to increase in growth and
expansion of hospitality industry many food chain retailers such as
McDonald's, Burger King have opened their stores where large number of
tourist are visit more frequently. It is directly contributing in the growth
and success of economy at national and regional level. Hospitality industry
is also able to increase the living standard of the people of UK. This is
because of opportunities in the employment sector. As per British
Hospitality Association approximately 500,000 employees are associated
with this type of industry. For their growth and development in the
international market hospitality industry is focusing on licensing and
franchising (Dawson, Abbott and Shoemaker, 2011). As with the help of
this they can easily grow and en chance their business at the global level.
The competition level in this type of industry is also very high, so it becomes
essential for the organizations to make best use of the available opportunities at
the global level. By doing this better competition is also given to the
competitors which are operating their business in same kind of industry.