Economic Impact of the UK Hospitality Industry: A Detailed Report

This report examines the economic impact of the UK hospitality industry, focusing on its contributions to both the local and international economies. The report highlights the industry's role in job creation and revenue generation, emphasizing the significance of hospitality firms in the UK economy. It discusses how the hospitality sector, surpassing £100 billion in 2018, provides employment opportunities and positively impacts the national economy. The analysis includes the impact on local economies through job creation and support for local businesses, as well as the industry's role in attracting international visitors and contributing to global economic growth. The report provides insights into how hospitality firms contribute to the growth and development of the UK economy. It also mentions that the hospitality industry has been the third largest employer of the UK.

nd Functional unit
Contemporary Hospitality Industry
Hospitality firms are essential for an economy as they provide different type of
opportunities and facilities to the local people and market in which they are
performing their business operations. These hospitality firms wants to capture more
and more market share in order to sustain in the market for long time period. These
organisations impact the economies at each level i.e. local, national or international
which is discussed below:
Local economy: The hospitality firms operates their business at each level.
The hospitality firms provide job opportunities to local people in terms of Guides,
handmade crafts etc. which is beneficial in improving the life standard of poor
people. The hospitality industry also satisfies the needs and demand of travellers
and local customers due to which this industry is positively impacting the local
economy and its people.
National economy: Hospitality industry in UK is growing rapidly due to which it
is positively impacting the national economy. The hospitality industry of UK has
surpassed the £100b mark in the year 2018 which is huge figure. The hospitality
industry is the third largest employer of UK which is providing job opportunities
to a large number of people of UK. This is positively impacting the national
economy as increase in employment opportunities along with the revenue are
useful for the development of the economy (Hospitality sector to surpass 100b
mark, 2018).
International economy: There are various organisations in UK which are
operating their business operations in different countries due to which they are
contributing in the growth and development of global economies. Based on the
report of ONS, more than 42 million people visits UK for their personal and
professional purposes which is enhancing the growth rate of UK. The hospitality
firms provide employment opportunities to the people for improving their living
standard and this directly positively impacting the international economy (UK
braced for record number of tourists, 2017).
The contribution of the hospitality industry