Analysis of Hospitality Sector's Economic Contribution in the UK

This report examines the economic contributions of the hospitality sector, focusing on its impact at local, national, and international levels. It highlights the sector's significant role in generating revenue through tourism, import and export, and local product sales, particularly in the UK. The analysis includes the sector's contribution to GDP, employment rates, and foreign exchange. The report also explores the competitive landscape, emphasizing the challenges and opportunities within the global market. Furthermore, it discusses the positive effects on local economies, such as increased employment and purchasing power, alongside the industry's role in attracting skilled employees. Overall, the report underscores the hospitality sector's importance as a key driver of economic growth and development.

nd Functional unit National economy: Under hospitality sector large number of others business are
covered which performed under this industry. This includes restaurant, travel
agency and local distributor which support an organisation indirectly for satisfying
needs of customer. In the last few years’ tourist are more attracted towards
developed countries. This results that in the last few years more than 70 million
tourist visit UK that contribute 4.9 increase in the annual growth rate in the
economy of country. This results more revenues in the form of tax, import and
export, sale of local product increases the funds of government
International economy: In present scenario all the industry and organisation are
working together at global market or level. This creates tough marketing
competition at both level local as well as inter-national. For hospitality sector it
creates complex process because organisation has to face competition from local
and inter-national market. In context of Wembley inter-national hotel, they bring
more 30% of overall foreign exchange that generates in the Hospitality sector of
UK. Along with this according to British Hospitality Association more they
increased 16% employment rate which helps to recruit employees from overall
world.
Hospitality sector or industry is growing with rapid face which work stand as pillar
for he economic of country. This sectors is growing at all levels and in all segments
which are local, national and economical. In this task the effort of hospitality in
economic sectors is given below
Local economy: The major part that is impacted by an organisation is local or
origin region which determines that with opening of Wembley inter-national hotel.
The employment rate, purchasing power of consumer is increased by earning
revenue from outside the country also. In the context of UK hotel or hospitality
organisation are increasing rapidly through which they are contributing 10% in the
GDP of world. Apart from this it brings skilled employees for the organisation also.
The contribution of the hospitality industry
Contemporary Hospitality Industry