The Impact of Hospitality Industry on the Economy: A Detailed Report

This report provides an in-depth analysis of the contemporary hospitality industry, focusing on its economic impact. It examines the contributions of the travel and tourism sector, highlighting how hospitality organizations, like Travelodge, significantly influence both local and national economies. The report details the positive effects on local economies through job creation and tax contributions, and the influence on national economic indicators such as GDP. It explores the role of fiscal policies and the growth of service sectors within the industry. Furthermore, the report emphasizes the industry's ability to generate revenue and its overall importance to economic stability and growth. The report also emphasizes how the hospitality industry contributes to the UK's economy and includes the functional unit of the industry.

nd Functional unit
Contemporary Hospitality Industry
Travel and tourism industry is growing with rapid face in an
organisation which states service sectors are generating sufficient
revenues from customers. Some of the major impact on economy of
country is mention as follow:
Local Economy-Local economy of a particular region will be more
benefited with implementation of hospitality organisation. It is stated by
the government of UK and Europe that if a nation wants to develops
that they need to explore more places that increases number of visitors
through which they generate more income from customers. Like Travel-
lodge provides employment opportunity to local people by offering
different job roles to them. For the development of local people
management contribute beyond their limits by paying tax that help to
raise the living standards of society.
National economy- For an organisation the stability of the economic
condition of the country or nation is the major factor that influence on
the decision making of society. It includes several factors such as policy
and law that relates with monetary terms are included under this sector.
Fiscal policy, tax collection and GDP etc. are part of national economy
of country. In recent years travel lodge and other hotels increases the
4.9% rate of GDP in overall UK which determines that production and
service sectors are increasing rapidly which work as positive factor for
organisation.
International Economy-Travel and tourism sector is the broad factor
which involves large number of service in an organisation such as
tours of different countries. Similarly now a days customers also go
beyond their country with purpose of travelling and to explore
business activities. The authority of British hospitality association
states that they are more than 700 million transaction take place in
UK with other countries which signify that hospitality organisation
are working as backbone for economic condition of country.
The contribution of the hospitality industry