The Contemporary Hospitality Industry's Economic Impact Report

This report examines the significant economic contributions of the hospitality industry to local, national, and international economies. It highlights how franchising and licensing generate revenue and boost economic development. The analysis focuses on the UK hospitality sector, illustrating its impact on GDP, employment (providing 2.5 million jobs in 2017), and business setups (1.2 million). The report emphasizes the industry's role in increasing per capita income, improving living standards through increased tourism, and enhancing the UK's brand image in international markets, with 19 billion Euros in revenue generated. The report also covers how the hospitality sector increases international tourism and shopping experiences, contributing to the overall development of the UK economy.

CONTEMPORARY HOSPITALITY INDUSTRY
Contribution of hospitality industry to local, national and
international economies:
With significant increase in the number of traveller’s hospitality sector emerged
as a one of the leading and fastest growing sector in the world. With fastest
revenue generation this industry effectively aids national, local and international
economy in a developing way. Tourism sector with its large profitability lead
towards increasing country economy and increase in its overall amount of GDP.
Hospitality industries in UK by offering these services in an extensive way
increase country Employment generation rate by giving overall number of 2.5
million job opportunities to people as per the data of 2017. Along with this 1.2
million of business setups has been provided by hospitalities industries in UK
which lead country towards increase in overall rate of per capita income. 19
billion Euros revenues have been generated with the contribution of hospitality
industry that effectively increase UK brand image in international markets
economy sector.
By becoming one of the most rapidly evolving sectors around the world
hospitality sector significantly contribute in Employment generation rate of UK
that lead towards rise in per capita income of nation. This lead towards increasing
living standard of individuals as hospitality sector facilities also increases
travelling, sightseeing, shopping etc overall rate.
In addition, with this in context of international tourism this sector contributes
effectively in the economy of United Kingdom as due to the services of hospitality
Industries travelling by Airways also increase with the fast phase, as tourist come
from different geographical locations around the world. Along with this it also
increases shopping experience rate that effectively contributes into overall
development of UK economy
Along with this franchising and licensing both acts as a strongest element that a
raise Nation overall development, by generating taxes and revenue with huge rate
that provide strong boost to country economy in a stipulated manner. Thus it can be
said that, increase in the growth perspectives of a country hospitality sector lead
nation towards remarkable boost in their economy along with contributing their
well significant contribution in national, local and international economies.