What is the hospitality industry? All your questions answered

The hospitality industry is the majority of the supply industry and consists of four main areas: food, beverages, travel / sightseeing, accommodation, and entertainment. For example, the eating and drinking department contains restaurants, bars, food trucks, etc., the travel and tourist sector includes all types of vehicles and travel agencies, and the accommodation section is from hotel resorts to hostels, and among the entertainment category. Contains these leisure activities such as sports, recreation, and play. But all sections are relevant and dependent. Almost all of them are rapidly developing due to new technologies and changes in buyers.

One of the major economic departments of the economy, which is likely to be affected by external factors, is now asking a lot of questions. What trends form the future? What is waiting for a hotel, one of the fastest economic sectors in the world? How to maintain competitiveness? How to overcome the labor shortage of Kobid?

Read this exciting, growing and resilient sector what is happening and the ideas of professionals.

• Current status of hospitality
• What is the growth speed in the hospitality industry?
• Hospitality industry evaluation: major statistics
• Hospitality industry growth: What trends are being driven?
• What are the biggest issues facing the hospitality industry?
• Travel industry and hospitality industry: major trends
• Rumor rumors} Hospitality Tourism The top talks about the future of the industry
• What to do to maintain the competitiveness of the hotel industry
• Tomorrow's career in hospitality management
• Future of hospitality: Waiting for hospitality and tourism experts

A brief history of hospitality

How has the Hospitality Industry evolved since its origins?

Hospitality's roots from "HOSPES", which means "host" in Latin "host" (people who provide accommodation and comfort to visitors), are ancient. Ancient Greeks have defined the sacred hypothesis standards, the same as the standards of "Xenia," for those who are far from the house and those who are kind to the guests. It is far from the house, surrounded by strangers, but at the same time feels like a longing customer. < SPAN> Hospitality Industry accounts for most of the supply industry and consists of four main areas: food, beverages, travel / sightseeing, accommodation, and entertainment. For example, the eating and drinking department contains restaurants, bars, food trucks, etc., the travel and tourist sector includes all types of vehicles and travel agencies, and the accommodation section is from hotel resorts to hostels, and among the entertainment category. Contains these leisure activities such as sports, recreation, and play. But all sections are relevant and dependent. Almost all of them are rapidly developing due to new technologies and changes in buyers.

One of the major economic departments of the economy, which is likely to be affected by external factors, is now asking a lot of questions. What trends form the future? What is waiting for a hotel, one of the fastest economic sectors in the world? How to maintain competitiveness? How to overcome the labor shortage of Kobid?

How fast is the hospitality industry growing?

Read this exciting, growing and resilient sector what is happening and the ideas of professionals.

Book

Hospitality industry overview: Key statistics

1. International arrivals have increased from 900 million to more than 1.3 billion over a span of just ten years.

Current status of hospitality

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What is the growth speed in the hospitality industry?

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2. The World Travel and Tourism Council (WTTC) names the hospitality industry’s importance as a main driver in global value creation.

Hospitality industry evaluation: major statistics

3. The hospitality and travel industry accounts for one out of every ten employment opportunities.

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Hospitality industry growth: What trends are being driven?

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What are the biggest issues facing the hospitality industry?

4. The overall growth in the travel and tourism industry stands at +5.8% Vs. Overall GDP +2.7%.

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Travel industry and hospitality industry: major trends

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Hospitality industry growth: What trends are driving it?

Rumor rumors} Hospitality Tourism The top talks about the future of the industry

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What to do to maintain the competitiveness of the hotel industry

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Tomorrow's career in hospitality management

rumor

Future of hospitality: Waiting for hospitality and tourism experts

Hospitality's roots from "HOSPES", which means "host" in Latin "host" (people who provide accommodation and comfort to visitors), are ancient. Ancient Greeks have defined the sacred hypothesis standards, the same as the standards of "Xenia," for those who are far from the house and those who are kind to the guests. It is far from the house, surrounded by strangers, but at the same time feels like a longing customer. The hospitality industry is the majority of the supply industry and consists of four main areas: food, beverages, travel / sightseeing, accommodation, and entertainment. For example, the eating and drinking department contains restaurants, bars, food trucks, etc., the travel and tourist sector includes all types of vehicles and travel agencies, and the accommodation section is from hotel resorts to hostels, and among the entertainment category. Contains these leisure activities such as sports, recreation, and play. But all sections are relevant and dependent. Almost all of them are rapidly developing due to new technologies and changes in buyers.

One of the major economic departments of the economy, which is likely to be affected by external factors, is now asking a lot of questions. What trends form the future? What is waiting for a hotel, one of the fastest economic sectors in the world? How to maintain competitiveness? How to overcome the labor shortage of Kobid?

Read this exciting, growing and resilient sector what is happening and the ideas of professionals.

What major challenges is the hospitality industry facing?

1. The threat of climate change

Book

2. Industry consolidation

Current status of hospitality

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3. New competition from tech and digital players

What is the growth speed in the hospitality industry?

4. Skilled talent shortage

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5. Energy crisis

Hospitality industry evaluation: major statistics

6. Supply chain issues

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Hospitality industry growth: What trends are being driven?

7. Economic downturn

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What are the biggest issues facing the hospitality industry?

Travel and hospitality industry: Top trends

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1. Towards sustainable travel

Travel industry and hospitality industry: major trends

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Rumor rumors} Hospitality Tourism The top talks about the future of the industry

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2. Wellness for holistic hospitality

What to do to maintain the competitiveness of the hotel industry

{Recruitment information}

Tomorrow's career in hospitality management

3. Enhanced experiences with advanced technology

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Future of hospitality: Waiting for hospitality and tourism experts

Hospitality's roots from "HOSPES", which means "host" in Latin "host" (people who provide accommodation and comfort to visitors), are ancient. Ancient Greeks have defined the sacred hypothesis standards, the same as the standards of "Xenia," for those who are far from the house and those who are kind to the guests. It is far from the house, surrounded by strangers, but at the same time feels like a longing customer.

Why contactless technology?

The first concept of hospitality has not changed since its appearance (to meet the main needs of travelers, such as providing meals and accommodation), but at the end of the 18th century, with technology progress and vehicle improvements. The idea of ​​building a hotel only for guiding guests has appeared. Since then, the concept of hospitality has been constantly expanding due to the fact that it applies to all fields related to services and customer needs.

Along with the general economy, the world's hospitality industry has grown larg e-scale in the last decade after the end of the financial crisis. According to the World Bank, the growth rate of the global economy exceeded 3 % per year until the global epidemic began in 2019/20. Due to the increase in demand at the start of COVI D-19 pandemic in 2021, the growth rate of the global economy accelerated to 5, 5 %, but deceled to 4, 1 % in 2022 and 3, 2 % in 2023. , It will return to the pr e-pandemic level.

Immersive virtual reality experiences

The unprecedented expansion in the past 10 years has benefited the hospitality and tourism industry, boosting tourism activities on the earth, and has increased countless accommodations on both leisure and business trips.

As a result, not only increased the number of provisions, but also significantly increased the number of employments around the world. According to UNTWO, COVID-19 has a serious impact on the number of international tourists an d-71 % in 2020 an d-71 % in 2020. did.

As a whole, 2020 was recognized as the worst in tourism history: 1 billion international arrivals, and income from international tourism was $ 1. 1 billion. According to the latest data from the World Sightseeing Organization (UNWTO), it was abou t-74 % in autumn from the level 30 years ago.

Make each customer feel special with personalization

But now, the tourism industry is showing off without exception. According to UNTWO's new data, in the first quarter of 2023, the number of international travelers reached 80 % before pandemic.

According to estimates, there are 235 million tourists traveling abroad for the first three months, more than twice as much as the same period in 2022. < SPAN> The first concept of hospitality has not changed since its appearance (to meet the main needs of travelers, such as providing meals and accommodation), but at the end of the 18th century As a result, the idea of ​​building a hotel for the purpose of guiding guests has appeared. Since then, the concept of hospitality has been constantly expanding due to the fact that it applies to all fields related to services and customer needs.

Embracing experiential tourism

Along with the general economy, the world's hospitality industry has grown larg e-scale in the last decade after the end of the financial crisis. According to the World Bank, the growth rate of the global economy exceeded 3 % per year until the global epidemic began in 2019/20. Due to the increase in demand at the start of COVI D-19 pandemic in 2021, the growth rate of the global economy accelerated to 5, 5 %, but deceled to 4, 1 % in 2022 and 3, 2 % in 2023. , It will return to the pr e-pandemic level.

The unprecedented expansion in the past 10 years has benefited the hospitality and tourism industry, boosting tourism activities on the earth, and has increased countless accommodations on both leisure and business trips.

As a result, not only increased the number of provisions, but also significantly increased the number of employments around the world. According to UNTWO, COVID-19 has a serious impact on the number of international tourists an d-71 % in 2020 an d-71 % in 2020. did.

Integrating storytelling marketing

As a whole, 2020 was recognized as the worst in tourism history: 1 billion international arrivals, and income from international tourism was $ 1. 1 billion. According to the latest data from the World Sightseeing Organization (UNWTO), it was abou t-74 % in autumn from the level 30 years ago.

But now, the tourism industry is showing off without exception. According to UNTWO's new data, in the first quarter of 2023, the number of international travelers reached 80 % before pandemic.

Technology integration for advanced data security

According to estimates, there are 235 million tourists traveling abroad for the first three months, more than twice as much as the same period in 2022. The first concept of hospitality has not changed since its appearance (to meet the main needs of travelers, such as providing meals and accommodation), but at the end of the 18th century, with technology progress and vehicle improvements. The idea of ​​building a hotel only for guiding guests has appeared. Since then, the concept of hospitality has been constantly expanding due to the fact that it applies to all fields related to services and customer needs.

Along with the general economy, the world's hospitality industry has grown larg e-scale in the last decade after the end of the financial crisis. According to the World Bank, the growth rate of the global economy exceeded 3 % per year until the global epidemic began in 2019/20. Due to the increase in demand at the start of COVI D-19 pandemic in 2021, the growth rate of the global economy accelerated to 5, 5 %, but deceled to 4, 1 % in 2022 and 3, 2 % in 2023. , It will return to the pr e-pandemic level.

The unprecedented expansion in the past 10 years has benefited the hospitality and tourism industry, boosting tourism activities on the earth, and has increased countless accommodations on both leisure and business trips.

Commitment to net positivity

As a result, not only increased the number of provisions, but also significantly increased the number of employments around the world. According to UNTWO, COVID-19 has a serious impact on the number of international tourists an d-71 % in 2020 an d-71 % in 2020. did.

Management with a vision

As a whole, 2020 was recognized as the worst in tourism history: 1 billion international arrivals, and income from international tourism was $ 1. 1 billion. According to the latest data from the World Sightseeing Organization (UNWTO), it was abou t-74 % in autumn from the level 30 years ago.

What the top CEOs are saying about the future of the hospitality and tourism industry

But now, the tourism industry is showing off without exception. According to UNTWO's new data, in the first quarter of 2023, the number of international travelers reached 80 % before pandemic.

According to estimates, there are 235 million tourists traveling abroad for the first three months, more than twice as much as the same period in 2022.

According to the latest data released by WTTC, the travel and tourism sector will contribute 7 trillion US dollars to the global economy in 2022. This is equivalent to 7. 6% of the world GDP and 23% lower than the level before the pandemic existed.

Thus, the number of people who make a living in the sector will reach 330 million by 2022.

Increased revenues will not only benefit international companies and hotel owners, but also be one of the key factors in creating jobs for local people and regions. According to the latest data, about 173 million people were previously employed in the hotel and tourism business.

According to the Hospitality Global Market Report 2023 report, the global hospitality market is expected to grow from $439. 09 billion in 2022 to $469. 97 billion in 2023, at a compound annual growth rate (CAGR) of 7. 0%.

What leaders can do to ensure hospitality businesses remain competitive

Fully take advantage of technology and personalization to create experiences

Such high growth is partly due to the recovery after global travel restrictions. The compound annual growth rate (GAGR) is forecasted to be +5. 8% from 2022 to 2032.

Focus on talent acquisition and retention

Image source: World Travel and Tourism Council, Economic Impact of Travel and Tourism in 2022

Embrace sustainability as part of your business model

1. The growth of the global economy is creating positive momentum for the sector and contributing to the increase in total per capita income.

The hospitality management careers of tomorrow

Reshaping the future of hospitality jobs

Since 2009, the GDP of world nations has consistently increased by an average of 2% per year, leading to increased demand for international and domestic travel. According to Statista, the Covid-19 pandemic caused a shocking decline in GDP in 2020 o f-2, 81%, but the indicators for 2022 and the subsequent forecasts for 2023 show growth year-on-year.

2. Airline tickets have become continuously more affordable over the past 30 years, but will this continue?

Thanks to falling fuel prices, competition from airlines and the rise of airlines. This news will not please airlines, who try to make profits with extra costs, but it will benefit travelers who will have more purchasing power. However, the impending global energy crisis may put an end to this trend and airlines may increase the price hikes on consumers' shoulders.

Future of hospitality: What's on the horizon for hospitality & tourism professionals

3. Group tri p-Here, again, it will contribute to excellent monitoring and will continue to increase through monitoring.

In China and India, the increase in business trips is greater due to the steady pace of financial emerging in the world.

4. The fields of Welbying and Vernes have been booming in recent years.

Healing entertainment has never had such a great desire among the people, and in fact travel has all the opportunities to imagine from current stres s-Urmary diseases, we must be in a hurry. He told me to understand well.

• 5. Hotel managers are looking for their business expansion because they are targeting small regional networks.
• Corporate integration has led to a volume concentration between major players and an increase in authority. Hotel managers will rush to expand their tables because of their acquisitions for small regional networks. However, the ultimate goal is to create a price at the expense of the synergistic effect between the organizations. Management includes negative aspects, saying that there is a risk of creating auxiliary problems and strengthening community.
• In China and India, the increase in business trips is greater due to the steady pace of financial emerging in the world.
• Healing entertainment has never had such a great desire among the people, and in fact travel has all the opportunities to imagine from current stres s-Urmary diseases, we must be in a hurry. He told me to understand well.

Wellness and Vernes's global consumer bazaars have attracted $ 1. 5 trillion, increasing by 5 to 10 % each year. According to McKinsey's recent surveys, people around the world are becoming increasingly interested in care for themselves, and are planning to spend more money through Vernes's products and proposals.