Introduction to Hospitality and Tourism Market

Introduction to Hospitality and Tourism Market

The term hospitality is derived from the Latin word “hospes,” which is used to explain guest or host. Currently, the hospitality is used in the explanation of meeting the needs of the guests through goodwill and kindness. It is the same explanation that is given to the hospitality and tourism industry, which is based on meeting the needs of the people through kindness and goodwill as they are not in their homes. The hospitality and the tourism market are set in four sectors which comprise of lodging, food and beverage, travel and tourism, and recreation services. The hospitality and the tourism industry are the largest in the world, according to the world travel and tourism council, with a growth of 4.2% annually (Walker, 2020). The industry creates numerous jobs in the world and establishes economic growth as it assists individuals in exploring the globe to attain personal satisfaction or business.

The hospitality and tourism industry is set to establish service. The industry provides to the individuals that are far from their homes while on some occasions to the individuals that would love domestic travels. For instance, there are individuals who want services of home delivery of food, masseuse, or cooks who visit homes would be rendered part of the hospitality industry. The hospitality industry is also about delivery, which would be offered to large, small privately or publicly owned businesses (Melissen, et al., 2018). The industry involves service delivery to individuals from different socioeconomic classes, ages, races, cultural backgrounds, and religions who would provide and receive services. The industry can be found in different corners across the globe where it would provide entertainment, jobs, food, places to sleep, and transportation. The industry also creates room for entrepreneurs whereby there would be a creation of business opportunities to serve people from different backgrounds. Therefore, the industry would not provide opportunities for companies but will also provide opportunities for individuals.

The hospitality industry comprises different areas that offer activities, jobs, jobs, and economic stands. The food and beverage industry is also known as the foodservice industry, that is a business that involves the preparation of food for the customers. The food industry makes the largest market in the hospitality industry. The industry makes up 50% of the meals that are eaten in the US as many of the people eat out and creates opportunities for many businesses (Walker, 2020). The lodging industry deals with accommodation, which is also a place to sleep overnight. The sleeping places would include fancy hotels, hostels, camping grounds, and highway motels. The recreation industry involves the activities that individuals will use to relax, rest, and enjoyment. The recreation business comprises of attractions, entertainment, participatory sports and spectator sports (Melissen, et al., 2018). The travel industry comprises of moving people from one place to another which would work in conjunction with the tourism industry to offer vacation and travel services. .

Finally, it is important to note that the hospitality industry is diverse and accommodates other industries to allow the growth and development of a region. For instance, there are towns across the globe that are built entirely on the hospitality and tourism industry. The industry also supports the existence of other careers such as lawyers, teachers, government agencies, and business owners. The industry relies on other non-hospitality based industries such as the agricultural sector who would provide food and beverages for the customers and service providers in the industry.

References

Melissen, F., Rest, J. I. ., Josephi, S., Blomme, R., Blomme, R., Bosman, J., Breuker, H. P., … Zandberg, T. (2018). Hospitality Experience: An introduction to hospitality management. Groningen/Utrecht: Noordhoff Uitgevers.

Walker, J. R. (2020). Introduction to hospitality. Hoboken : Pearson