The Scope of Hospitality Industry
The hospitality industry is an industry that strives to satisfy the needs of the customer via recreation activities. This industry is a very fast growing one. However, on the downside, it is heavily dependent on tourism, which means that if the world goes through a major recession like in 2008, people will travel less, which will affect hospitality industry in a negative way.
The biggest segments of the hospitality industry are related to event planning, travel planning, night clubs, hotels, tourism, food services etc. Hospitality industry contributes to GDP of almost all nations and there are countries, which are heavily dependent on hospitality industry as a significant source of income.
The Scope of Hospitality Industry
The scope of hospitality industry can be presented by its fields and branches, which are presented below:
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- Travel agencies. These are the business units that help travelers organize their holidays or travel to different countries, parts of the world or travel within the country. A good travel agency can organize a smooth vacation, while bad travel agency can fill the travel with unnecessary risk and hardships. An individual should be very careful when choosing a travel agency because there are thousands of travel agencies and they should be examined with great care.
- Tourist offices and tourism ministry. Tourist offices provide information about sights and attractions that can be found in the area and tourist ministry is a governmental division that regulates tourism industry of the country. Resolving the grievance of tourists and promotion of attractions are some of the functions of tourism ministry.
- Airlines and railway travel. These two are like the blood circulatory system of the hospitality industry. Although railways and airlines are separate industries, they should be included in the list because they can reflect the scope of the hospitality industry. Railways and airlines are the infrastructures and without these two industries, people couldn’t travel to distant destinations.
- Wellness centers. The goal of wellness centers is to provide healthcare for body and mind. Wellness centers are run privately and are functioning for profit and satisfaction of their clients.
- Event management. Event management includes big-scale events like concerts, conventions, marriage ceremonies, conferences, receptions etc. Event management is very methodical and requires a lot of hard work, a large number of people and effective delegation of tasks.
The Future of Hospitality Industry
As we have already mentioned, the hospitality industry is very promising and fast growing and its future looks bright, because of potential advancements in technologies and the increase of overall welfare of people. For the next 20-40 years travel industry is expected to grow immensely and it is anticipated that more and more people will be involved in the development of this industry and related emerging markets. With all the technological marvels in works, it is difficult to imagine how the hospitality industry will look like in 2050 but there is one thing that we can tell for sure – it will be nothing that we can think of right now.
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