Analyzing the Hospitality Industry's Contribution to Various Economies

This report examines the contemporary hospitality industry's contribution to local, national, and international economies. It highlights the industry's flexibility, global diversity, and its significant impact on GDP and employment in the UK. The report discusses how the hospitality sector, including food chain companies like McDonald's and Pizza Hut, adapts to changing customer demands and market situations. It emphasizes the industry's role in generating employment opportunities, supporting related sectors like transportation and entertainment, and contributing to youth employment. The analysis draws on recent UK reports to illustrate the sector's substantial support for jobs and its positive influence on productivity and profitability. The report also underscores the hospitality industry's focus on meeting customer needs to achieve high levels of productivity and its significant contribution to economic growth by providing diverse employment opportunities. The report also highlights the hospitality industry's growth and its impact on GDP, emphasizing its customer-centric approach and its vital role in fostering economic development.

The hospitality industry has grown multiple folds in the
last few decades and its primal objective is to satisfy
customer need and demand in order to attain high level
of productivity and profitability. Along with with, it
plays a major contribution to the growth of country's
economy as it provide the enormous opportunity for
employment of differing personalities, backgrounds and
skills through a wide diversity of type of outlets serving
food and beverages.
P3 Contribution of hospitality industry to local,
national and international economies
The growth of this sector and its endeavour to
GDP will continue to be substantially higher than other
sectors of economy. Along with this, it's main centring
point is to identify the demand or requirements of
customer and based on that they implement corrective
course of action in order to acquire higher level of
growth and development (Issa, Chang and Issa, 2010).
International: This industry is very much flexible in nature
as it enable several companies to trade in this from different
parts of the world which give a route to enhance global
diversity as well as explore life standard of community or
societies. Moreover, it invite large number of visitors which
generate 10 percent development over national and
international level. Furthermore, it generate positive impact
over economy as it provide job opportunity to UK
population that enlarge their life standard as huge growth in
nation GDP ratio (ECONOMIC CONTRIBUTION OF THE
UK HOSPITALITY INDUSTRY, 2018).
However, there is a high level of demand and growth in
hospitality industry which encourage wide range of food
chain companies like McDonald, Pizza Hut etc. to invest in
this which lead them to expand their business operation.
Moreover, the growth rate of this sector pushes companies
to focus over licensing and franchising for introducing their
outlets in various geographical regions as well as it helps
them to generate enormous employment opportunities
which reflect in an enhancement of country's Gross
Domestic product rate.
Moreover, in this industry customers demand or trend
changes according to market situation which influence
directly over Hilton Hotel decision making process as
well as impact to local, international and national
economy.
Some of the effort of hospitality business to various level
of economies are as follows:
Local: It is regarded as one of the focal point for
UK economic growth as it offer enormous employment
opportunities which enable each individuals to improve
their life standard and it directly reflects over the
enlargement of GDP rate. Along with this, UK hospitality
sector encourage or convenience large group of
population to spend more that allows them to gain
competitive advantage among marketplace and thus it has
been proven that there is high degree of impact of this
industry over local economy in terms of increasing
productivity and profitability.
National: This industry contains huge range of
potentiality to become the driving force of economy as it
has a reciprocal relationship with other sectors like
transportation, entertainment, aviation etc. which lead
them to explore their development capability in creative
style. Apart from this, it plays a key role in fighting with
youth unemployment and provide enough platform so that
they enhance their lifestyle and can provide their valuable
effort towards in enhancement of country or nation in an
impressive manner. From the recent report of UK, it has
been drawn out that hospitality industry support 3 million
jobs to public which directly benefit to UK economy in a
productive way (Janta and et. al., 2011).
Contemporary Hospitality Industry
INTRODUCTION