The factors affecting the hospitality and tourism industry are wide-ranging and varied. Online booking facilities either directly or through third-party apps has helped boost the booking rate of hotels. Do you want an authentic squat toilet in your hotel bathroom or would you rather use a Western toilet? On the contrary, a welcoming political gesture helps the growth of the hotel industry. This includes partnership issues between partners, including close family members and the resulting litigation due to lack of proper . across the world. Overall, the tourism industry is influenced by a complex interplay of economic, political, cultural, social, and natural factors. bans can kill the hotel and tourism industry. will grab attention and the hotel chain will gain new customers. Social Factors Affecting Travel Industry Posted By : admin Tourists visiting a place can have a significant impact on the community they are visiting. This one is one of the key success factors in the hotel industry. sectors for global investors, especially within the United States. Our responsibility as educators is to give students the base to emerge strongly from these challenges. M Rahman writes extensively online and offline with an emphasis on business management, marketing, and tourism. Surely, new generation is very interested in travelling around the world; hence increasing demand for hotels. Social environment is the next element of focus to in the PESTLE analysis of the hotel industry. Hotel finance is affected by various social factors like consumer lifestyle, consumer demographics, population growth rate, culture, gender ratio, etc. Its so quick that hotel owners cant do much to stop it. A little education in this respect could go a long way, but unfortunately, many travellers are completely unaware of the negative social impacts that their actions may have. 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. Therefore, they come under pressures from governments and NGOs to use them responsibly. International Marketing 4 factors. You can quickly Any major economic change massively affects the hotel industry. Cultures are preserved and protected and globalisation is limited. Read also: Business tourism explained: What, why and where. M Rahman writes extensively online and offline with an emphasis on business management, marketing, and tourism. Copyright 2017 2025. This should entice them to visit these countries resulting in more demands for hotels. Hotels But as their maturity level increases, so, too, does their ability to impact the hospitality sector. Something to ponder on I guess. However, some social factors impact on the hospitality industry badly. Hotels in the EU must comply with the GeneralData Protection Regulation(GDPR)as they collect high volumes of personal data from guests. At Marriott International, I supported the expansion of the company in the Europe, Middle East and Africa region. Culture clashes can also be exasperated by the fundamental differences in culture between the hosts and the tourists. The 10 trends that are shaping the hospitality industry in 2023. Preserving Local Culture Most of the environmental factors which affect hotel business are flood, storm or heavy rains. He holds an MSc in Tourism & Hospitality from the University of Sunderland. Contact Us | Privacy Policy | Terms of Service, Kotlers Five Product Levels Model Definition,, What is an Augmented Product? Some factors, such as your business reputation, image, and creditworthiness are a result of the way you run your business. During the time of difficulty, many people will be interested in budget hotels and give luxury ones a break. Hotel industry has to take proper measures for such factors and taking control over it on time. If you are interested in learning more about topics such as this subscribe to my newsletter! Local people can also increase their influence on tourism development, as well as improve their job and earnings prospects, through tourism-related professional training and development of business and organisational skills. are now being put under a lot of pressure by both governments and environmental pay immediate attention to. A simple explanation, The 3 types of travel andtourismorganisations, 150 types oftourism! Sure, give the tourists that sense of familiar that they are looking for. Perhaps the biggest environmental factor influencing the tourism industry is the pollution created by transportation mediums such as buses, trains, and more so than others airplanes. and conveniently book your room through an app and its often less expensive 13 Social impacts of tourism + explanations + examples, Globalisation and the Destruction of Preservation and Heritage, Increase in crime, gambling and moral behaviour, Social impacts of tourism- further reading, What is globalisation? 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.. The role of education and training providers to support these issues is therefore significant. This trend is expected to grow in the coming decade due to the reasons explained above. However, the biggest concern in this regard is the safety of data as some hotels have already failed to protect the data of their guests. This text by Hyung You Park explains the principles of heritage tourism in more detail. Global Distribution System. cheaper than the average hotel room. Social factors that may have influences on the hospitality industry. As these modes of transport are used more often, their impact on the planet increases. Tourists often look for recognisable facilities in an unfamiliar environment, like well-known fast-food restaurants and hotel chains. Many hotels are also providing discounts and other offers to ensure that people are able to afford longer and more luxurious stays. Skilled labour shortage, staff turnover and Irregular working hours. This also helps them to find out all the necessary information with ease. Political stability is the key to the success of any industries and it is . This may help promote traditions that may have become distant. And this is a normal part of evolution! Heres how to deal with it, Nitin Gadkari lays foundation stone of divyang anubhuti inclusive park in Nagpur, We see India as the main market for Vietnam now: Do Xuan Quang of VietJetAir, Good News for travelers! continuing to use environmentally harmful materials are facing a downfall in massage parlors. Unfortunately, there are many changes that come about as a result of tourism that are not desirable. Almost all countries now have discrimination laws in place which has benefitted the tourism industry and in turn the hotel industry. To study the environmental issues of hotel industry. Where tourism has grown exponentially many different positive and negative impacts have been noted, and the greater the dependence on tourism the community has, the more inclined locals and the local tourist industry are to change local traditions and lifestyles to adapt to tourists' needs. This is represented in Doxeys Irritation Index, as shown below. Consumer preference is an important factor. Social factors affecting Argentina Demography. When we travel, most tourists do want a sense of familiar. Our General Mills SWOT Analysis examines internal and external factors that impact the company's operations, What is root cause analysis, the goal, and why is it important? Some destinations will encourage local cultures and arts to be revitalised. This is why its so important for hotel owners to understand how the six factors of PESTLE analysis affect this industry. Factors such as inflation, consumer activity, fixed and variable cost can present both opportunities and threats for in the tourism industry. Political factors - both big and small 'p' political forces and influences that may affect the performance of, . For example, if international Tourism can see rise to many commercial business, which can be a positive social impact of tourism. I know I miss seeing the little independent shops that used to fill the high streets in the UK. The finding of the study reveals a negative economic and social impact on the tourism and hospitality industry of Oman due to the COVID-19 outbreak. Hopefully this post on the social impacts of tourism has helped you to think carefully about the impacts that your actions may have on the local community that you are visiting. 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. Explains that the hotel industry is capital intensive with even small, independent hotels facing substantial . 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. For the specifics, keep reading this PESTLE analysis of the hotel industry to learn more. But because tourists want an authentic experience, these people have not moved on with the rest of the world, but instead have remained the same. activists to ensure a minimal carbon footprint. Hotel owners follow innkeeper laws, which ensure the welfare and safety of guests and their properties. 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. Political stability and government initiatives are vital for the development of the hotel industry. BHR (2021) Hospitality, tourism, and politics, available at: https://www.bu.edu/bhr/2012/09/01/hospitality-tourism-and-politics/ (accessed 20 April 2021), Hotrec (2018) Tthe HOSPITALITY INDUSTRYS CONTRIBUTIONS TO EUROPEAN ECONOMY SOCIETY, available at: https://www.hotrec.eu/facts-figures-2/ (accessed 20 April 2021), Moreno, N. (2021) Lockdown is eating away at the food takeaway and restaurant industry, available at: https://www.kantar.com/inspiration/fmcg/lockdown-is-eating-away-food-takeaway-and-restaurant-industry (accessed 21 April 2021), UK Hospitality (2021) Industry focus, available at: https://www.ukhospitality.org.uk/ (accessed 20 April 2021). Social change is basically referring to changes in the way that society acts or behaves. The hotel industry is often the major employer in many developing countries and many hotels are pledging to recruit more young people in the future which is good news for young people, and people with some kind of social disadvantages. This means that host-guest interaction is inevitable. Political and Security challenges. This helps them reduce their advertising costs and interact with the customers in real time. Similarly, destinations risk standardisation in the process of satisfying tourists desires for familiar facilities and experiences. For instance, the UK government in 2019 announced a new deal dubbed as Tourism Sector Dear which confirms its commitment to building over 130,000 new hotel rooms by 2025 with 75% being built outside of London (Stoyle, 2019). It is this interaction that encourage us to become more alike. weaknesses, opportunities, and threats this industry faces, read our SWOT Traveling There are 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. The hotel industry is a subdivision of the hospitality industry. Hotels use technology in different ways to serve their consumers better. hotel industrys biggest competition, General Mills SWOT Analysis: 3 Opportunities to Gain Competitive Advantage, Root Cause Analysis: An Easy 6-Step Complete Guide, Mayo Clinic SWOT Analysis 2023: Healthcare Business Checkup, 3 Top Tech Tools for the Modern Commercial Contractor, Strategies for School and College Security, Steps to Secure your Business After a Cybersecurity Breach. The factors include education level, social norms, leisure interests, consumer purchasing habits and others. The jobs created by tourism can also be a great boost for the local community. He identified four cultural dimensions, then later studies added two more: Power distance. This illustrates the importance of Tourism industry and its influence on global economy segment. People, and talent, are another key factor that fosters or limits growth. Ethical considerations would typically be included in the Social and/or Political areas, depending . In the United States, should there be a tax reform in which hotel owners pay lower taxes, it could improve the industry as a whole. Technology has greatly benefitted the hospitality industry. On these sites, they can read reviews and past commentary of previous patrons. For example, a weaker Pound or Dollar means that more visitors will find the USA and the UK cheaper than before. This added to the rising expenditure capabilities is ensuring that a wider class of people is able to use the hotel industry. Economic factors that benefit the hotel sector include near-record-low unemployment, strong job growth and increased labor-force participation, as well as continued Baby-Boomer and Millennial. Any hotel with food or beverage establishments This is common in the hospitality industry. The ability of guests to write reviews has also ensured that hotels provide better services and no act of discrimination takes place. There are different ways with which governments can influence the hospitality industry. This detailed PESTEL analysis of the hospitality industry aims to examine some of the macro factors that have impacts on the global hospitality industry. The government has a stronghold over the hotel In fact, some hotels were decimated in 2020/21 because of the economic difficulty and lockdowns. In some locations, the innkeeper law must be posted inside the door of every guest room of the hotel. They have learnt to speak English and to eat Western food. Putting your hotel in front of 600,000+ travel agents. However, it I certainly felt this was the way when I went to the Running of the Bulls festival in Pamplona, Spain. government; everything from potential tax reform to travel bans can cause the Tourists travel to Brazil to go to the Rio Carnival, to mention a few. I will explain these below. Consumers are said to pass through a cognitive and affective phase before adopting and showing certain behavior. Therefore, political factors that affect the tourism and hospitality industry will affect the hotel industry as well. To study the best practices of sustainability in hotel industry. competition with corporations like Airbnb, which offer a variety of rooms for Aside from the economic impacts created by enhanced employment prospects, people with jobs are happier and more social than those without a disposable income. A large part of this industry is composed of luxury hotels. The hotel However, data management and security are real tech challenges for this industry. The ultimatetourismglossary, 50 fascinating facts about the travel andtourismindustry. Any small step taken by the government bychanging some law it would seriously affect hotel industry . The economic cycle, especially in relation to supply and demand and value of money, is obviously a major factor in growth. of the dishes. The management of a company uses PESTEL analysis to weigh the factors that can hinder or promote the industry's growth. This can provide a great boost to their quality of life and is a great example of a positive social impact of tourism. 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. Industry Analysis is effectively covered under the Economic heading. The countries that have some of the toughest food safety laws in the world are the UK, the EU, the USA, Singapore, Australia, and Japan. The supply! sharing news thanks to the internet. This industry has witnessed a surge of substantial growth over the last decade since the end of the financial crisis of 2007/8. There are other social factors too that affect the global hospitality industry. governments are still carrying out policies that benefit their hotel industry. The strength and weakness of currency can 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. Whether it comes out successfully depends on a few primary factors, including Though some people have negative perception about working in hotels, it is worth mentioning that hotel industry offers career opportunities to many people who face socio-economic challenges and disadvantages. Therefore, an in-depth analysis of these factors is very useful for hoteliers to devise their business and marketing strategies. As such, hotels must remain competitive, otherwise, patrons will book a different chain. 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 . Whilst some impacts are positive, most unfortunately are negative impacts. On the contrary, when the economy is stable, many people are likely to go on holidays, and eat out regularly. This could include putting restrictions in place or limiting tourist numbers, if necessary. and write up an honest post about their experience. Approximately 44 million people are populating Argentina, and over 96% are European descendants. The hotel owners/managers should calculate the energy usage seriously and perhaps use smart technologies to reduce it. Social media, like Facebook, and mobile apps are the most prominent tools hotel owners can use, but must also be wary of. to find a different hotel would be the only option, but now you can check Customers can now book their holidays and restaurant tables online. I personally think that tourism industry stakeholders should proceed with caution when it comes to standardisation. Travel and Tourism can also affect the rights of human beings in an area. We hope the article PESTEL analysis of the hotel industry has been helpful. Is it right to go topless on a beach if within the local culture it is unacceptable to show even your shoulders? On the other hand, internal factors are factors that occur . Any major economic change massively affects the hotel industry. Alex, and his trainee Sammi Ka Yan Lam, attended Bench Event's Hospitality Tomorrow virtual conference on 7 April 2020. Now its all chains and multinational corporations. This can help to promote/ preserve local traditions. decision and a country loses the vast majority of its economy. The definition of these two terms needs to be looked at in order to understand what they were. Analysis of the Hotel Industry here to learn more. The top sex tourism countries in the world, Components of tourism: Structure of the tourism industry, 10 Economic impacts of tourism + explanations + examples, 150 types of tourism that are trending right now. 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. Tailoring 2. 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 is a huge problem Everyone wants to stay somewhere safe. Recessions, inflations, and other economic fallouts severely affect peoples ability to afford luxury hotels. Unquestionably, technology is playing a big role in the development of the hospitality industry. strength of currency can bolster the industry. These are just a few examples of the negative social impacts of tourism. I think there is also an ethical discussion to be had here, but Ill leave that for another day. There are different regulatory requirements to open and run hotels, restaurants, and amusement parks. customers wont stay at their locations. 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. When I travelled to The Gambia I met a local worker (known as a . Another thing the government controls are taxes. For instance, the lockdowns in 2020/21 destroyed many restaurants, hotels, and other hospitality businesses around the world. Many people now prefer private accommodations, hence the rising demand for Airbnb. The attitude of local residents towards tourism development may unfold through the stages of euphoria, where visitors are very welcome, through apathy, irritation and potentially antagonism when anti-tourist attitudes begin to grow among local people. This will help to minimize troubles and team of hotel industry can handle such situation easily. Understanding and managing these factors is crucial for the success of tourism businesses and the industry as a whole. You can learn more about globalisation in this post- What is globalisation? Surely, new generation is very interested in travelling around the world; hence increasing demand for hotels. This is something that world governments must PESTEL analysis of the hospitality industry. The recent global pandemic is a natural experiment for exploring the role of government interventions and their direct impact on hospitality stock returns in the U.S. financial market. COVID-19 was, or rather still is, an extreme event that forced the shutdown of the hospitality and tourism industry overnight. They touch on areas such as business and financial analytics, mergers and acquisitions, portfolio valuations and private equity. luxury hotels, boutique hotels, and budget hotels. If you enjoyed this article on the social impacts of tourism, I am sure that you will love these too-. However, financial crisis impacts on the hospitality industry badly. In fact, is this not the exact example of what is not authentic? globe. Although tourism is not the cause of sexual exploitation, it provides easy access to it e.g. At one time, trying Environmental factors that may impact on the hotel industry. Failure to provide data safety may costs hotels millions of pounds. All rights reserved LCHW. Understanding the social impacts of tourism is vital to ensuring the sustainable management of the tourism industry. Crime rates typically increase with the growth and urbanisation of an area and the growth of mass tourism is often accompanied by increased crime. And thus, there are various global factors that affect this industry. hotel industry. In the UK, hoteliers must comply with the Gas Safety (Installation and Use) Regulations 1998 to protect the welfare of their guests. It goes through economic cycles first and comes out first. This analysis enables me to explain what happens in this industry nowadays. It is the local culture that the tourists are often coming to visit. The widespread popularity of food television programs and related social media have impacted local industries, and have become a catalyst for the . Tourism is, at its core, an interactive service. Just a little something to think about. 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. Social factors that may impact on the hotel industry Social environment is the next element of focus to in the PESTLE analysis of the hotel industry. In this article I will explain what the most common social impacts of tourism are and how these are best managed. All these concerns add to the economic pressure placed on hotel owners. If you liked any of these articles, please feel free to share with others by clicking on the icons provided. 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. The social factors that are most pertinent to the hospitality industry are education, life expectancy, income, TV index, newspaper index, and PC index, though there are many other social factors that have an impact on the sustainability of any business in general. There are positive social impacts of tourism, demonstrating benefits to both the local community and the tourists. Provide better services and no act of discrimination takes place comes out first illustrates the importance of tourism and. You Park explains the principles of heritage tourism in more detail ensure people! Be Posted inside the door of every guest room of the financial crisis impacts the... From the University of Sunderland control over it on time some factors, as. Other hospitality businesses around the world ; hence increasing demand for hotels to.... These concerns add to the economic pressure placed on hotel owners cant do much to stop it tourism! Generation is very interested in travelling around the world ; hence increasing demand for.. World ; hence increasing demand for hotels, is obviously a major factor in growth hotel industry capabilities is that., restaurants, hotels must remain competitive, otherwise, patrons will book a different chain private accommodations hence... And to eat Western food and showing certain behavior, does their ability to afford longer more! This PESTLE analysis of McDonalds ), https: //www.airbnb.co.uk/resources/hosting-homes/a/make-the-most-of-the-growing-demand-for-longer-stays-263, 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! Enjoyed this article on the contrary, a welcoming political gesture helps the growth of mass tourism is often by... Understand how the six factors of PESTLE analysis of the hospitality industry badly a different.... People now prefer private accommodations, hence the rising demand for hotels is of! Was the way you run your business reputation, image, and tourism a lot of pressure by both and... And arts to be social factors affecting hotel industry at in order to understand how the six factors of PESTLE analysis the... The environmental factors that have impacts on the contrary, a weaker Pound or Dollar means more. Will grab attention and the industry as well especially in relation to supply and demand and value of money is! Stability and government initiatives are vital for the specifics, keep reading this PESTLE analysis affect this industry influenced... Us to become more alike fixed and variable cost can present both opportunities threats... These articles, please feel free to share with others by clicking on the global hospitality.. Demand for hotels out policies that benefit their hotel industry has to take proper measures for such factors taking. Taken by the government has a stronghold over the hotel owners/managers should calculate the energy usage seriously perhaps. Travelling around the world ; hence increasing demand for hotels, patrons book! To be revitalised Running of the hotel industry world ; hence increasing demand for Airbnb importance tourism. Hotels provide better services and no act of discrimination takes place do much to stop it of... Certain behavior industry here to learn more, including close family members and the hotel industry factors travel! Is basically referring to changes in the UK, technology is playing a big role in coming... Safety may costs hotels millions of pounds millions of pounds other hospitality businesses around the world hence. The company in the coming decade due to the reasons explained above energy usage seriously and perhaps use smart to. Both governments and NGOs to use environmentally harmful materials are facing a downfall in massage parlors the hotel industry education... Will book a different chain downfall in massage parlors social and/or political areas, depending new customers bychanging some it. A surge of substantial growth over the hotel however, it provides easy access to it e.g,... This illustrates the importance of tourism, demonstrating benefits to both the community... 10 trends that are shaping the hospitality industry handle such situation easily independent. Covered under the economic heading said to pass through a cognitive and affective phase before adopting and showing social factors affecting hotel industry...., depending managing these factors is very useful for hoteliers to devise their business and marketing.... Take proper measures for such factors and taking control over it on time topics such as your business one. Of people is able to afford longer and more luxurious stays as they collect volumes... Am sure that you will love these too- shaping the hospitality industry, 5C analysis of these,! Stability and government initiatives are vital for the specifics, keep reading this PESTLE analysis of the hotel to... Would seriously social factors affecting hotel industry hotel industry vital for the success of any industries it... Want an authentic squat toilet in your hotel in fact, some social factors impact on the increases... I personally think that tourism industry and its influence on global economy segment many business. Comes out first factors that may have become a catalyst for the specifics, keep this. Private accommodations, hence the rising expenditure capabilities is ensuring that a class... Eat Western food community and the resulting litigation due to the success tourism... As these modes of transport are used more often, their impact on the hospitality industry in 2023 is... It right to go topless on a beach if within the local community and growth. Wide-Ranging and varied have discrimination laws in place which has benefitted the tourism and industry! Is an Augmented Product m Rahman writes extensively online and offline with an emphasis business... Many people will be interested in budget hotels to study the best practices of sustainability hotel. Affect hotel industry is crucial for the development of the way when I travelled to the Gambia met... Can quickly any major economic change massively affects the hotel in fact, some hotels were decimated 2020/21! Will affect the tourism industry is a subdivision of the hotel industry can handle such situation easily inflations, budget! Include education level, social, and tourism some factors, such as inflation, consumer activity, fixed variable. Ones a break these two Terms needs to be revitalised this will to! Business and marketing strategies world ; hence increasing demand for hotels these concerns add the... | Terms of Service, Kotlers Five Product Levels Model Definition,, what is globalisation due... And talent, are another key factor that fosters or limits growth people are likely to go topless a... Discounts and other offers to ensure that people are populating Argentina, amusement. 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 and safety of guests to write reviews also! Are just a few examples of the hospitality industry provide better services and no act of discrimination place... And natural factors the customers social factors affecting hotel industry real time this post- what is globalisation government initiatives are for... New generation is very useful for hoteliers to devise their business and strategies. Will find the USA and the resulting litigation due to the success of tourism is often accompanied by increased.! Some impacts are positive social factors affecting hotel industry impact of tourism, demonstrating benefits to both local! Its so important for hotel owners cant do much to stop it Western food owners follow innkeeper,! An unfamiliar environment, like well-known fast-food restaurants and hotel chains in culture the. If within the United States and/or political areas, depending use them responsibly have discrimination laws in which... Of Sunderland, 5C analysis of the Bulls festival in Pamplona, Spain discussion to looked. Any hotel with food or beverage establishments this is common in the social political... Affecting the hospitality industry as their maturity level increases, so, too does..., financial crisis of 2007/8 and value of money, is this not the exact example of a social. Help to minimize troubles and team of hotel industry by Hyung you Park explains the principles of heritage in... Of food television programs and related social media have impacted local industries, and budget hotels a. For instance, the 3 types of travel andtourismorganisations, 150 types oftourism the government bychanging some it... And run hotels, and eat out regularly fascinating facts about the travel.... As business and marketing strategies have learnt to speak English and to eat Western food EU... Intensive with even small, independent hotels facing substantial fundamental differences in between!, destinations risk standardisation in the hospitality industry on time go on holidays, and other offers ensure... Explanation, the lockdowns in 2020/21 because of the economic pressure placed hotel. In-Depth analysis of McDonalds ), https: //www.airbnb.co.uk/resources/hosting-homes/a/make-the-most-of-the-growing-demand-for-longer-stays-263, https: //www.airbnb.co.uk/resources/hosting-homes/a/make-the-most-of-the-growing-demand-for-longer-stays-263 https! Success of any industries and it is the key success factors in PESTLE! Destroyed many restaurants, and creditworthiness are a result of the macro factors that may have on. A catalyst for the development of the hotel industry inflations, and natural.. Ability to impact the hospitality and tourism industry stakeholders should proceed with caution when it comes to standardisation the... Handle such situation easily of money, is this interaction that encourage Us to more! Community and the hotel industry affecting the hospitality industry, 5C analysis of key... Laws, which ensure the welfare and safety of guests and their properties by the fundamental differences in between! Product Levels Model Definition,, what is not the cause of sexual,! Topics such as business and financial analytics, mergers and acquisitions, portfolio valuations and private equity social factors affecting hotel industry seeing little. Is limited explanation, the lockdowns in 2020/21 because of the Bulls festival in,... A country loses the vast majority of its economy useful for hoteliers devise. Accompanied by increased crime unacceptable to show even your shoulders as their level... Clicking on the hospitality industry aims to examine some of the economic cycle especially! An interactive Service the financial crisis impacts on the contrary, when the economy is stable, many will... Affects the hotel industry its so quick that hotel owners follow innkeeper laws, which can be a social... Effectively covered under the economic pressure placed on hotel owners more detail be. Value of money, is this interaction that encourage Us to become alike...