The impact of hospitality on the economy
The hospitality sector encompasses accommodation, food, and drink in external venues, that aren’t a person’s home.
The government specifies that there are different types of impact the hospitality sector can have on the economy:
- An example of a direct impact would be the employment that hospitality creates.
- An indirect impact is the further employment that’s created as a result of hospitality, for example, jobs created in the supply and delivery industry, marketing, or in the farming industry.
Overall, the main factor taken into consideration is how much the sector contributes to a nation’s GDP, the tax it contributes, and the employment it creates.
This data is then used to compare the sector with other industries and recommendations will be made on how the sector can improve overall.
Hospitality is a very popular academic route and is taken seriously in many parts of the world as every nation wants to be known for delivering a good service. You can study a range of hospitality courses, from vocational courses to even getting a degree in the art of fine hospitality.
As tourism and travel continues to thrive around the world, so will hospitality.
If you wish to develop your career in hospitality, check out Toronto School of Management’s (TSoM) Advanced Diploma in Hospitality and Tourism Management.