Understanding the Determinants of the Growth of the Hospitality IndustryThis essay Understanding the Determinants of the Growth of the Hospitality Industry is available for you on Essays24.com! Search Term Papers, College Essay Examples and Free Essays on Essays24.com - full papers database.
Autor: Spitsah • January 6, 2017 • Research Paper • 1,571 Words (7 Pages) • 19 Views
Sarah B. Spits
Professor Boston Price
23 December 2016
Understanding the Determinants of the Growth of the Hospitality Industry
This paper revolves around four published books which expound on the factors that have led to the growth of the hospitality industry to where it is today. It also depicts the co relation of this consumer industry with ever factor discussed in this paper. The hospitality industry is growing exponentially and contributes about 10 % of the global GDP (Boella 6). The hospitality industry is expanding at regional, national and global levels. In the last years, the hospitality industry has been undergoing a dynamic process of inflation. The hospitality industry is developing worldwide and its growth is evident in an ever changing multicultural facet (Wood and Brotherton 62). The hospitality industry centers on major factors that have influenced the nature and growth of the hospitality industry as it appears today. Without them, the hospitality industry as we know it today will cease to exist. My objective is to show how each discussed factor has led to the augmentation of this industry.
Technological Change. Technology is a major driving force in all societies (Tesone 246). Technological change is perhaps the most crucial factor in the growth of hospitality. He further suggests that the development of transportation links such as motorways, cars and jet travel as the key player in the advancement of this industry.
The television as well has greatly influenced the facilitation of mass advertising. Over and above, the computer has played an integral role in the growth of hospitality as it is deciphered to bring together all other developments (Knowles et al.164). For instance, computers will be used by a travel agent and a consumer to plan for an upcoming trip.
Social Change. The present day society is defined by consumption as compared to production. Most, if not all, aspects of contemporary life are the focal point of the hospitality industry including our encounters that we undertake on a daily basis and most relationships that we engage in.
The Mass Media. This is a vital factor to growth of the hospitality industry because through advertising, meanings are attached to commodities which are then perceived as key to happiness and success. The overall effect in the long run has enabled particular brands to associate themselves with goods and services. Studies have shown that there is power and advertising and mass media hence increasing popularity in the growth of this consumer industry.
While this is a very broad industry that can incorporate various businesses, discussed above are just some of the many factors that have led to the growth of the hospitality industry. Not only does this consumer industry revolve around luxury and service, it also depends on disposable income and giving customers what they want. In my opinion, critically examining these factors and focusing on how to enhance them will ensure that this consumer industry remains solid even in the midst of turmoil.