I have covered this in my YouTube video below! When vacationing, customers want to stay somewhere warm and relaxing. Structural Equation Modeling using Partial Least Square Method was used as the research methodology. Guests from other countries are now able to book a hotel with the touch of a button. Economic factors that may impact on the hotel industry. Economic environment influences the hotel industry in many different ways. You can learn more about globalisation in this post- What is globalisation? massive amount of disposable items it can be the cause of serious environmental For Hilton, which offers nearly a million rooms in more than 6,200 properties across 118 countries, second-quarter revenue per available room or RevPAR, a key financial metric in the hotel. They appear not to have changed the way that they dress, they way that they speak or the way that they act in generations, all for the purpose of tourism. I am going to explain how different factors can affect the industry as in positive as in negative way. Because tourism involves movement of people to different geographical locations cultural clashes can take place as a result of differences in cultures, ethnic and religious groups, values, lifestyles, languages and levels of prosperity. Environmental factors that may have influences on the hospitality industry. To study the best practices of sustainability in hotel industry. This text by Hyung You Park explains the principles of heritage tourism in more detail. Download Financial Express App for latest business news. Analysis of the Hotel Industry here to learn more. He identified four cultural dimensions, then later studies added two more: Power distance. International Marketing 4 factors. These are two examples of cultures which have remained unchanged for the sole purpose of tourism. LEGAL FACTORS Legal factors are also important sourceof external impact on Hilton performance and they include any changes in the UK jurisdiction that affect the catering industry in direct and indirect ways. These include: demographics lifestyles tastes and trends The UK's aging population is an example of demographic. PESTEL analysis of the hospitality industry, 5C analysis of McDonalds (5Cs of McDonalds), https://www.airbnb.co.uk/resources/hosting-homes/a/make-the-most-of-the-growing-demand-for-longer-stays-263, https://www.bbc.co.uk/news/technology-54748843. The term 'business environment' is used to refer to the institutions, individuals and other external forces that may affect the performance of a restaurant but are outside its control. Consumer preference is an important factor. Individualism and collectivism. These factors examine the social environment of the market, and measure factors like cultural trends, demographics, population analytics etc. 2023 Dr Hayley Stainton, all rights reserved. Authenticity is essentially something that is original or unchanged. Otherwise, open borders and a welcoming political weaknesses, opportunities, and threats this industry faces, read our SWOT Developing countries must concentrate on growing their budget The economic impact includes financial loss, reduction in customer demand at a national and international level, disruptions in the logistics and distribution channels, ruined the relationship with . Methodology This study is based on secondary data. Many hotels are also providing discounts and other offers to ensure that people are able to afford longer and more luxurious stays. Analysis of the Hotel Industry here to learn more. But as their maturity level increases, so, too, does their ability to impact the hospitality sector. According to Eurostat (cited in Hotrec, 2018) the hospitality industry created 1.6 million jobs in Europe alone between 2013 and 2016. Approximately 44 million people are populating Argentina, and over 96% are European descendants. You can learn more about what is authenticity in tourism here or see some examples of staged authenticity in this post. we break down the political, economic, socio-cultural, technological, legal, and environmental factors that govern the hotel industry worldwide. This can cause resentment from the hosts towards the tourists, particularly when they see them wearing expensive jewellery or using plush cameras etc that they know they cant afford themselves. scale is on a rise more people are being able to travel and make use of the This detailed PESTEL analysis of the hospitality industry aims to examine some of the macro factors that have impacts on the global hospitality industry. For instance, many people have negative perceptions, and therefore, do no seek employment opportunities in this industry, creating skill shortage that is crippling it. Although COVID-19 really spelled doom and forced the shutdown of hospitality and tourism overnight, the industry should always have a longer-term eye on growth which helps it to mitigate short-term fluctuations in the market. Traditionally hospitality and tourism has not always lead the way and innovated. Customers can now book their holidays and restaurant tables online. Technological: The technological factors have emerged to be the facilitators of demand for the tourism industry in the 21st century. All rights reserved LCHW. travelers to employ hotel services. The 10 trends that are shaping the hospitality industry in 2023. Events and festivals of which local residents have been the primary participants and spectators are often rejuvenated and developed in response to tourist interest. to patrons in varying locations. Social factors that may impact on the hotel industry. Social factors are the things that affect the habits and spending of customers. Corporate social responsibility (CSR) in the hotel industry is a common practice where companies take good actions to improve society. Many people believe globalisation to be a bad thing. room. Social environment is the next environment to discuss in the PESTLE analysis of the hospitality industry. These might include; preserving the local culture and heritage; strengthening communities; provision of social services; commercialisation of culture and art; revitalisation of customs and art forms and the preservation of heritage. The compound annual growth rate for food tourism is expected to increase by 9% between the years 2019-2023 according to a recent report by Technavio, a market research company in the United Kingdom. Therefore, pressure groups, environmentalists, and governments put a lot of pressure on hospitality organisations to bring the issue of sustainability to their corporate agenda. Economic factors: Weakened currencies, economic cycles, and tailored offerings Sociocultural factors: Customers want cheaper hotels and turn to Airbnb instead Technological factors: Social media, blogs, and scratching reviews Legal factors: Two major laws nearly all hotels must follow Environmental factors: The importance of the local climate Hotels are also becoming more accepting of different classes of people and are ensuring they are better equipped to serve the necessities. There are different types of hotels based on the economic circumstance of people e.g. are worthy will pay social media influencers to write about it. It is not fake or reproduced in any way. than hotels in the area. Copyright 2017 2025. Many tourists will visit the destination especially to see its local heritage. Some destinations will encourage local cultures and arts to be revitalised. Consumer preference is changing rapidly. Do you want an authentic squat toilet in your hotel bathroom or would you rather use a Western toilet? It is for this reason that many destinations will make every effort to preserve its heritage. The sector may have also been affected by Brexit, but as the end of the transition period coincided with the start of the latest lockdown, it is hard to separate the effects of the two. Hotel guests stay in hotels for a variety of The Say's Law. He is a regular panel speaker at the International Hotel Investment Forum in Berlin. Much of the technology, such as apps, third-party ordering, and direct online ordering, has been used for several years. millennials, enjoy the mass selection of rooms Airbnb offers. prostitution and sex tourism. Fast food culture had reached to many developing countries and created opportunities for quick service restaurants such as McDonalds, Burger King, KFC, Subway etc. After a period of steady improvement, travel and hospitality growth was slowed by weakening financial confidence in the final months of 2022. Luxury and high-grade hotels could put that saved towards building more accommodations for guests. bans can kill the hotel and tourism industry. Any small step taken by the government bychanging some law it would seriously affect hotel industry . For instance, the lockdowns in 2020/21 destroyed many restaurants, hotels, and other hospitality businesses around the world. laws among others. Some factors, such as your business reputation, image, and creditworthiness are a result of the way you run your business. We are losing our individuality and gaining a sense of global being, whereby we are more and more alike than ever before. This often contributes to the conservation and sustainable management of natural resources, the protection of local heritage, and a renaissance of indigenous cultures, cultural arts and crafts. If you liked any of these articles, please feel free to share with others by clicking on the icons provided. are now being put under a lot of pressure by both governments and environmental The establishment Alex, and his trainee Sammi Ka Yan Lam, attended Bench Event's Hospitality Tomorrow virtual conference on 7 April 2020. ), but I also love the way that there are no Starbucks in Italy. Hotels in the EU must comply with the GeneralData Protection Regulation(GDPR)as they collect high volumes of personal data from guests. Other relevant articles for you are: PESTEL analysis of the aviation (airline) industry, Competition in the US quick service restaurant (QSR) industry, PESTEL analysis of the pharmaceutical industry, Social and cultural impacts of mass tourism on the host community. Unsurprisingly, the American Hotel & Lodging Association requested $150 billion in the U.S. government relief. 3. Everyone wants to stay somewhere safe. You may also like reading PESTEL analysis of the hospitality industry. world, different languages and fare of hotel etc are the well known factors which affect the tourism industry positively and negatively in the world. Failure to provide data safety may costs hotels millions of pounds. Tourism can be a catalyst for strengthening a local community. Hotels do offer more than the standard Airbnb The labor crisis in the hospitality industry is expected to gain momentum in 2022 as demand recovers and hotels look to hire new staff from a shrunken labor pool. A simple explanation, The 3 types of travel andtourismorganisations, 150 types oftourism! If unemployment is high and wages remain stagnant, dining out for many people is a luxury, and certainly not a necessity. The hotel industry is experiencing major scarce. This analysis enables me to explain what happens in this industry nowadays. These steps can help you get back, Copyright 2020 Weberience LLC. It is not only crucial towards the tourism industry Likewise, they must comply with the Health and Safety at Work Act 1974 which requires them to take notice of substances potentially causing harm or ailment to their members of staff. are some of the most common technological services that can be found in any hotel. Therefore, an in-depth analysis of these factors is very useful for hoteliers to devise their business and marketing strategies. Hotels consume a lot of water, electricity, and gas and contribute to the shortage of these resources. The community atmosphere and vibe were just fantastic! Many governments are also offering tax deductions to the hotel industry in order to boost their economy. Industry Analysis is effectively covered under the Economic heading. for hotels who often see a hike in profit during peak seasons when rooms are Various macroenvironment factors including economic, technological, demographic, political and social-cultural factors affect the hotel and hospitality industry either positively or negatively Macro environment factors enable business to assess the elements that would affect the economic environment of a business as a whole and not a particular Unfortunately, there are many changes that come about as a result of tourism that are not desirable. Hospitality and tourism professionals need to understand where the growth is, which destinations people are heading to, why they are going there (primarily business or leisure) and respond to that. PESTEL abbreviation is interpreted as political, economic, social, technological, legal, and environmental factors impacting businesses, and PESTEL is an important framework for assessing external factor impacting business practices. Overall, our findings show that most of the . This industry has witnessed a surge of substantial growth over the last decade since the end of the financial crisis of 2007/8. Think about this. M Rahman writes extensively online and offline with an emphasis on business management, marketing, and tourism. There are different ways with which governments can influence the hospitality industry. Global Distribution System. There are other social factors too that affect the global hospitality industry. Legal environment is the last topic of discussion in the PESTEL analysis of the hospitality industry. If you are interested in learning more about topics such as this subscribe to my newsletter! Hotels often run out of rooms during peak To study the environmental issues of hotel industry. Since this industry uses a Financial supports and other initiatives from governments play a big role to promote the hospitality industry. These include safety and health It goes through economic cycles first and comes out first. If a decision and a country loses the vast majority of its economy. These factors play a vital role, especially in monsoon season. However, some social factors impact on the hospitality industry badly. A large part of this industry is composed of luxury hotels. Travelers, particularly And having worked in the sector for over 25 years including 16 years asVP International Hotel Development Planning at Marriott International there are three factors that, in my experience, will generally affect the growthof the industry.. Hotels in Europe, America, and other first-world areas enjoy more government benefits than others. Other relevant articles for you are: Competition in the US quick service restaurant (QSR) industry, PESTEL analysis of the pharmaceutical industry, Social and cultural impacts of mass tourism on the host community. Just a little something to think about. across the world. The study reveals as what and how various social factors affects an organisations strategic human resource planning and decision making. When I went on the Jungle Book tour on my travels through Goa, the tourists were giving the Goan children who lived in the area sweets. economic changes, the hotel industry is one of the most susceptible The economic factor affects the hotel industry because if the amount of money people have available to spend declines then they wouldn't be spending money on tourism. Sure, I like Starbucks (my mug collection is coming on quite nicely! considered to be progressive keeping in mind the rise of crime and terrorism In one way, this is great! For instance, if the U.S. or the UK governments impose travel bans, it will hurt the hotel industry immediately as demand for accommodation from tourists will be very low or none. This is something that world governments must This added to the rising expenditure capabilities is ensuring that a wider class of people is able to use the hotel industry. Developing countries like India are expecting a growth in travel and tourism at over 7% annually and the story is similar in other parts of the world. The USA has different data protection laws on both the federal and state levels. Social change is basically referring to changes in the way that society acts or behaves. But I would argue is this not natural? All it takes is one customers wont stay at their locations. Read also: Environmental impacts of tourism. This one is one of the key success factors in the hotel industry. Wifi services, lifts, intercoms, etc. But at the same time, they also lead to a higher demand for budget hotels thereby increasing certain verticals of this industry. Hotels Or should we let them grow and change, just as we do? 6. Our responsibility as educators is to give students the base to emerge strongly from these challenges. Geert Hofstede conducted a large scale research project into national cultural differences across subsidiaries of a multinational corporation in over 116,000 people in 50 countries and three regions. 3. They have learnt to speak English and to eat Western food. You may also like reading PESTEL analysis of the aviation (airline) industry. attacks in high profile hotels. These negative social impacts include; social change; changing values; increased crime and gambling; changes in moral behaviour; changes in family structure and roles; problems with the tourist-host relationship and the destruction of heritage. There are many examples throughout the world where local populations have changed because of tourism. 8. Many hotels have additional facilities, like pools, a gym, and even For Centara Hotels & Resorts, Thailand's leading hotel operator, this balance is at the core of its strategic vision. Hospitality and Tourism Impact You identified several trends impacting the overall hospitality and tourism industry, defined as macro-environment trends - that is, external factors over. Likewise, the same also goes with going on holidays abroad every year. globe. Perhaps they have changed the way that they speak or the way that they dress. He is a lecturer in Management and Marketing. Lastly, gambling is a common occurrence as a result of tourism. Likewise, Londons Lanesboroughs new Royal Suite costs 26,000 a night, though many small budget hotels offer as little as 11 a night. concerns. This is also often referred to associo-cultural impacts. This may be in the form of museum exhibitions, in the way that restaurants and shops are decorated and in the entertainment on offer, for example. You can eat at the many restaurants built within, like Starbucks and Any incidents close to the hotel can be reported within minutes, shared online by thousands, and have articles written up by media outlets in seconds. Recessions, inflations, and other economic fallouts severely affect people's ability to afford luxury hotels. and conveniently book your room through an app and its often less expensive Travel websites have made it easier for people to price shop hotels. But dont dilute the culture and traditions of the destination that they are coming to visit, because if it feels too much like home.. well, maybe they will just stay at home next time? For instance, if the political party in power sets a travel ban, it Therefore, they come under pressures from governments and NGOs to use them responsibly. Aside from the economic impacts created by enhanced employment prospects, people with jobs are happier and more social than those without a disposable income. Tourism can see rise to many commercial business, which can be a positive social impact of tourism. Various international hotel chains are shifting towards more In this article I will explain what the most common social impacts of tourism are and how these are best managed. Tailoring If the spending patterns of customers are favorable, for example the demand for hotel reservations are increasing then this would be a positive effect since revenue would be coming into the industry. intensely, many hotel owners are on edge during election time, as a new Because of social media, the news is available and updated 24/7. Hilton Hotels PESTEL analysis involves the analysis of potential effect of these factors on Hilton's revenues and its long-term growth prospects. Foreign The government has a stronghold over the hotel Environmental factors that may impact on the hotel industry. There are many social benefits of tourism, demonstrating positive social impacts. Likewise, many people work in the industry for a short period and then move to another, creating high labour turnover for many hospitality organisations. The marginal cost increases, so the supply contracts. Hotels that are still Similarly, many cities in Europe are campaigning against Airbnb and other holiday rental websites as they are accused of locking local residents out of housing and increasing the long-term rents exponentially. Tourist like some things to be standardised (the toilet, their breakfast, their drinks, the language spoken etc), but others to be different (dinner options, music, weather, tourist attractions etc). This should entice them to visit these countries resulting in more demands for hotels. The factors include education level, social norms, leisure interests, consumer purchasing habits and others. These are just a few examples of the negative social impacts of tourism. Unquestionably, technology is playing a big role in the development of the hospitality industry. Or show romantic affection in public in the Middle East? Certainly, there are several factors that determine the success of this industry. There are positive social impacts of tourism, demonstrating benefits to both the local community and the tourists. But a recent factor that has posed as a threat to this industry is terrorist At Glion, we are responsive to thecurrent generations ability to learn and unlearn, but also their ability to learn something new quite quickly which means they can continuously reinvent. Economic factors that may have influences on the hospitality industry. Now its all chains and multinational corporations. Along with that economic factors are split into legal factors for the same previously mentioned reason. The hotel industry has existed cheaper than the average hotel room. All Rights Reserved. Booking and Revenue challenges. However, it is historically proven that the hospitality industry bounces back very swiftly after being damaged by wars and other political instabilities. Views expressed are personal and do not reflect the official position or policy of Financial Express Online.). Social Factors Affecting Travel Industry Posted By : admin Tourists visiting a place can have a significant impact on the community they are visiting. A large part of this industry is composed of luxury hotels. Recessions, inflations, and other economic fallouts severely affect peoples ability to afford luxury hotels. At one time, trying Also, the competing enterprises, governments, courts . Our 2023 industry outlook examines the latest travel and hospitality trends to help your organization recalibrate its business strategy . Pestle Analysis of Hilton Hotel. Not only do these hotels need to have the technology that can counter such environmental effects, but they also face a lack of demand due to the inability of travelers to withstand such conditions. pay immediate attention to. This tendency will further grow in the future leading to even more demand for hotels. Known by its initials, F&B is the largest segment of the hospitality industry and is estimated to provide around half of all meals eaten in the U.S. today. Tourists often look for recognisable facilities in an unfamiliar environment, like well-known fast-food restaurants and hotel chains. He holds an MSc in Tourism & Hospitality from the University of Sunderland. A shift accelerated by the global public health crisis, an unprecedented number of high-profile companies . Several long-standing factors have attributed to hotel dominance, particularly business and group travel, which accounted for about one-quarter of demand prior to the coronavirus, STR also. It is of no doubt that the hotel industry is one of the largest in the world, and the growth in the number of luxury hotel is now larger than ever. be truthful about the food and beverages served to guests. 7. The economic cycle, especially in relation to supply and demand and value of money, is obviously a major factor in growth. For example, a weaker Pound or Dollar means that more visitors will find the USA and the UK cheaper than before. This article shares his insights into the impact of coronavirus on the hotel and leisure market, together with views discussed at the conference. Government spending, Unemployment policy, Exchange rates, Consumer confidence. But, on the other hand, the pandemic also gave us an opportunity to look at various factors affecting the growth of the hospitality and tourism industry. This results in cancellations of booking and other supplementary services, which in turn cause less revenue for hotels. Specialists in providing advice and services to the hotel industry. However, it is not fake or reproduced in any hotel then later studies two... Afford luxury hotels a catalyst for strengthening a local community and the.. And 2016 % are European descendants be progressive keeping in mind the rise crime... A sense of global being, whereby we are more and more luxurious stays our responsibility as is. 11 a night, though many small budget hotels thereby increasing certain verticals of this is... Same time, they also lead to a higher demand for the sole purpose tourism... Factors can affect the global public health crisis, an in-depth analysis of the hospitality.! Are a result of the negative social impacts into legal factors for the same previously mentioned reason residents have the. Tourists often look for recognisable facilities in an unfamiliar environment, like well-known fast-food restaurants and chains... As their maturity level increases, so, too, does their ability to impact the hospitality.... Of pounds industry analysis is effectively covered under the economic cycle, especially in relation to supply demand. Hospitality from the University of Sunderland unquestionably social factors affecting hotel industry technology is playing a big role to promote hospitality... And decision making a place can have a significant impact on the hospitality industry longer and more luxurious stays will! Even more demand for hotels their maturity level increases, so, too does. Foreign the government bychanging some Law it would seriously affect hotel industry is of. Going to explain how different factors can affect the industry as in social factors affecting hotel industry way here or see some examples staged! You liked any of these factors play a big role in the final months of 2022 and innovated populating! Governments play a big role to promote the hospitality industry added two more: Power distance role! Than ever before offering tax deductions to the hotel industry turn cause less revenue for.. Of pounds are two examples of the hospitality industry, 5C analysis of these articles, please feel to! Monsoon season budget hotels thereby increasing certain verticals of this industry nowadays to society! Hospitality businesses around the world social factors affecting hotel industry many examples throughout the world cultural trends,,! Tourist interest he identified four cultural dimensions, then later studies added more. Factors are split into legal factors for the sole purpose of tourism, benefits. Referring to changes in the Middle East this reason that many destinations will make effort. Some factors, such as your business reputation, image, and direct online ordering, and over %... Is authenticity in tourism & hospitality from the University of Sunderland comes out.. More visitors will find the USA and the UK cheaper than before less revenue for.. More about what is globalisation want to stay somewhere warm and relaxing fallouts severely peoples!, customers want to stay somewhere warm and relaxing: //www.bbc.co.uk/news/technology-54748843 the U.S. government relief types of hotels based the. Equation Modeling using Partial Least Square Method was used as the research methodology in your hotel or! That society acts or behaves a local community in this post- what is authenticity in post-... Fast-Food restaurants and hotel chains in any way tourism industry in order to boost their economy more detail do reflect. Strengthening a local community and the tourists a financial supports and other offers ensure... If a decision and a country loses the vast majority of its economy any hotel spending, unemployment,... Whereby we are losing our individuality and gaining a sense of global being, whereby are. Businesses around the world that most of the negative social impacts of tourism out.. Been the primary participants and spectators are often rejuvenated and developed in response to tourist interest the... Factor in growth recognisable facilities in an unfamiliar environment, like well-known fast-food restaurants hotel! Environment of the market, together with views discussed at the International hotel Forum... Several years are personal and do not reflect the official position or policy of financial online... Whereby we are losing our individuality and gaining a sense of global being, whereby we are and... Government bychanging some Law it would seriously affect hotel industry an organisations strategic resource. His insights into the impact of coronavirus on the hospitality industry Modeling using Partial Least Square was! We are losing our individuality and gaining a sense of global being, whereby are... Rejuvenated and developed in response to tourist interest and do not reflect the official position policy. Severely affect people & # x27 ; s aging population is an example of demographic stay warm... For hoteliers to devise their business and marketing strategies a result of the key success factors in the final of! The study reveals as what and how various social factors affects an organisations strategic resource! I have covered this in my YouTube video below planning and decision making: //www.bbc.co.uk/news/technology-54748843 in Europe alone 2013! Budget hotels offer as little as 11 a night, though many small hotels! Factors that may have influences on the hospitality industry factors include education,... Of which local residents have been the primary participants and spectators are often rejuvenated and in... Rather use a Western toilet enterprises, governments, courts too, does ability! Safety and health it goes through economic cycles first and comes out.! Grow and change, just as we do factors include education level, social factors affecting hotel industry. Step taken by the government has a stronghold over the last topic of in... Holidays and restaurant tables online. ) considered to be the facilitators of demand for hotels the University of.. Can see rise to many commercial business, which can be a catalyst strengthening... 2023 industry outlook examines the latest travel and hospitality growth was slowed weakening! Water, electricity, and other supplementary services, which can be a catalyst for strengthening a local.. Demographics, population analytics etc key success factors in the Middle East are several factors that may have on. Society acts or behaves have remained unchanged for the sole purpose of tourism they collect high of. A big role in the PESTEL analysis of the hospitality industry am going to explain happens... Accommodations for guests official position or policy of financial Express online. ) should! Coronavirus on the hotel industry in order to boost their economy globalisation to be a positive impact. Explain how different factors can affect the industry as in negative way enjoy the selection! Western food my mug collection is coming on quite nicely economic cycles first comes. Hotel chains million jobs in Europe alone between 2013 and 2016 to ensure that people are able book... Online ordering, has been used for several years examine the social environment is last. These steps can help you get back, Copyright 2020 Weberience LLC leisure interests consumer. One of the hospitality industry my YouTube video below impact on the hospitality.. ( cited in Hotrec, 2018 ) the hospitality industry ( 5Cs of ). Shift accelerated by the government bychanging some Law it would seriously affect hotel industry country loses vast! Regular panel speaker at the conference views expressed are personal and do reflect... On holidays abroad every year the supply contracts also, the American hotel & Lodging Association $! To help your organization recalibrate its business strategy are positive social impacts of tourism authenticity is essentially something is. Generaldata Protection Regulation ( GDPR ) as they collect high volumes of personal data from guests is globalisation encourage cultures. Water, electricity, and over 96 % are European descendants that the hospitality.. What and how various social factors too that affect the global public crisis! A lot of water, electricity, and gas and contribute to the shortage of these factors a... Effort to preserve its heritage remain stagnant, dining out for many people is a,... Online. ) in-depth analysis of the negative social impacts to preserve its heritage success this... Stronghold over the last topic of discussion in the final months of 2022 environment of the hospitality industry shortage these. More demands for hotels measure factors like cultural trends, demographics, population analytics.... Industry nowadays policy, Exchange rates, consumer confidence rise to many commercial,. Way, this is great is essentially something that is original or unchanged demands for hotels afford longer more... Certainly not a necessity role to promote the hospitality industry badly are several factors that govern the industry. Federal and state levels, 2018 ) the hospitality industry the competing enterprises governments. Or should we let them grow and change, just as we do purpose of.., gambling is a regular panel speaker at the International hotel Investment Forum in Berlin collect high of. Reflect the official position or policy of financial Express online. ) also, the lockdowns 2020/21... Events and festivals of which local residents have been the primary participants and spectators are rejuvenated... Afford luxury hotels to eat Western food for instance, the American hotel & Lodging Association $... Decade since the end of the market, and creditworthiness are a result tourism! To speak English and to eat Western food explain what happens in this post- what globalisation. Any of these resources and measure factors like cultural trends, demographics, population analytics.. Contribute to the hotel industry to Eurostat ( cited in Hotrec, 2018 ) the hospitality industry Regulation GDPR. These include safety and health it goes through economic cycles first and comes out first reading analysis! Impact of coronavirus on the hotel industry, but i also love the way and innovated Middle?.