The hospitality and tourism industry is a vast sector that includes all the economic activities that directly or indirectly contribute to, or depend upon, travel and tourism. This industry sector includes: Hotels & Resorts. Restaurants & Catering. Night Clubs & Bars.
Hospitality is both a concept as well as an industry. The term "hospitality" refers to the relationship between a guest and a host. If you invite a friend or family member over to your home for dinner, for example, you'll perform hospitality by accommodating the guest's needs.
Some businesses rely on hospitality to perform their operations and generate revenue. These hospitality businesses include restaurants, cafes, clubs, bars, hotels, motels, coffee shops, and travel agencies, just to name a few. They differ from traditional businesses in the sense that their success relies on strong, positive communications with their customers and target audience.
Every time you leave your home and visit a business that sells you an experience, you’re probably funding the hospitality industry. It’s a hugely influential portion of any economy that continues to grow annually and accounts for 1 in 10 jobs worldwide.
Full-service restaurants alone are responsible for generating over 1.2 trillion US dollars every year. Before we dive into some more statistics about this industry and why it’s important, we first look into what exactly the hospitality industry is and the four main sectors that fall under this umbrella term.
The four main hospitality industry sectors
The four main sectors within the hospitality industry are entertainment and recreation, food and beverages, lodging, and travel and tourism. Each of these main sectors have sub-sectors within them:
Entertainment and recreation
This includes all businesses dedicated to providing an entertainment service. It covers everything from sporting events, music concerts, art and performance, museums, theme parks, escape rooms, and cultural events.
The entertainment and recreation sector promotes and provides services that enable people to take part in recreational activities for culture, hobby, and educational purposes. It includes established and amateur arts, theatre and music groups, cinema, arcades, and any other outgoing opportunities.
Food and beverage (F&B)
The food and beverage industry (F&B) industry is the largest sector within hospitality. This sub-sector includes cafés, restaurants, food trucks, pubs and bars, fast-food drive-throughs, nightclubs, bakeries, tea and coffee shops.
F&B businesses can be sit-in, full-service or take-away. They also go beyond the remit of simply providing food, since restaurants compete to provide the best customer experience as well as the best food and drink.
Businesses within this sector provide accommodation to guests. The lodging industry covers hotels and guest houses of all stripes. Also resorts, b&bs, caravan, mobile and static-home sites, AirBnbs, hostels, log cabins, camps, cottages, and chalets.
The role of an accommodation provider is to provide a safe and secure place for tourists to stay. Standards differ between different providers and according to different budgets. There might be some crossover into the food and beverage sector in hotels that include a breakfast buffet, hotel restaurant or bar.
Travel and tourism
The fourth sector of hospitality is travel and tourism. It includes: travel agents; cruise liners; logistics companies; sightseeing, bus and walking tours; airlines; taxis and car rental companies.
The travel and tourism sector provides means of transportation to move travelers from one place to another. It is an essential middle man that supports tourism and business travel. Public transport for all purposes plays a key role in this vital sector.
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