gpdm mediagpdm media

The Factors That Influencing Tourism and Hospitality Industries

- Advertisement -

COVID-19 was and continues to be, an extreme event that forced the hospitality and tourism industries to shut down overnight. Millions of jobs were lost, and well-known brands suffered setbacks. Many businesses were permanently closed. On the other hand, the pandemic provided us with an opportunity to examine various factors influencing the growth of the hospitality and tourism industries. 

The recent talk with Nicole Philips, Director of the MSc in Real Estate, Finance, and Hotel Development at Glion Institute of Higher Education in Switzerland, patiently explained the three key factors influencing the growth of the hospitality and tourism industry.

Nicole cites a recent Sommet Education, Switzerland, publication, The State of Hospitality 2022, and says, “When we think about the growth of hospitality and tourism or any industry for that matter, the discussion often becomes a macro-economic one.” The State of Hospitality 2022 contains some insightful analysis of contextual economic and financial data on spending, growth, resilience, investment, and emerging jobs. And, having worked in the industry for over 25 years, including 16 years as VP International Hotel Development Planning at Marriott International, there are three factors that, in my opinion, will have a general impact on the industry’s growth.”

Supply and demand in the economy

- Advertisement -

The economic cycle, particularly in terms of supply and demand and the value of money, is clearly a major factor in growth. We saw how, during the pandemic, demand for hospitality and tourism dropped dramatically, and how, now that things are opening up all over the world, it is rising again. During the recession, the situation was similar. Of course, some countries may still see some local effects as a result of factors such as changes in labor markets and consumer travel habits – but in general, when economic conditions are favorable, people want to travel. Hospitality and tourism professionals must understand where the growth is, which destinations people are visiting, why they are visiting (primarily for business or pleasure), and how to respond to it.

Development is an investment in the future.

Although COVID-19 spelled doom and forced the closure of hospitality and tourism overnight, the industry should always have a longer-term eye on growth, which helps it to mitigate short-term market fluctuations. At Marriott International, assisted in the company’s expansion into Europe, the Middle East, and Africa. On a daily basis, the customer would never see this activity, but important roles exist in fields such as international hotel development and asset management, real estate investment, and investment strategies and financing. They discuss topics like business and financial analytics, mergers and acquisitions, portfolio valuations, and private equity. Where a forward-thinking business strategy and supporting operational roles are in place and well-executed, hospitality and tourism thrive.

People and talent are other important factor that either promotes or inhibits growth. The State of Hospitality 2022 highlights the sector’s current employment and skill shortages, as well as initiatives in place to fill these gaps. As a result, the role of education and training providers in addressing these issues is critical. 

At Glion, we are sensitive to the current generation’s ability to learn and unlearn, as well as their ability to learn something new quickly, which means they can constantly reinvent themselves. Our responsibility as educators is to provide students with the foundation they need to thrive in the face of adversity. Historically, the hospitality and tourism industries have not always led the way and innovated. It requires smart people who are ahead of the curve, as well as leaders who can come up with new ideas. 

- Advertisement -

Photo by Godson Bright

Team FNH
Team FNH
Food & Hospitality Team works day and night to get you some of the best culinary experiences from across the state of Goa. If you wish to get featured into this portal, please share your details at [email protected]

Related Stories


10 Famous Goan Sweet Dishes That You Cannot Resist

The history of Goan sweet can be traced back to the colonial era when Goa was ruled by Portugal powers. The Portuguese brought with them their own culinary traditions

Discover The Flavours of Goa: 10 Unique Beverages You...

From the famous coconut water to the local brew feni, Goan beverages are a true reflection of the state's multiculturalism and hospitality

A Food Trip Across India: Hilton Goa Resort Hosts...

Indian street food is not just about the taste, it is also about the culture, traditions, and for many of us, childhood memories of heading out and enjoying some simple yet delicious food with friends and family.

Goa’s Gastronomic Gems: Discovering The Instagram-Worthy Dishes That Will...

Goa is a state located on the western coast of India, renowned for its beautiful beaches, vibrant nightlife, and delicious cuisine. While Goa has many food joints that offer aesthetically pleasing food, the state also has a rich history of ancient cafes that serve traditional Goan dishes that are equally Instagram-worthy.

Taste The Goodness of Home Made Goan Food

Love for homemade food can be deep-rooted in the combination of taste, health, comfort, creativity and socialisation. Love varies in different areas and regions. We all know Goa has something unique to offer always. Goan cuisine is known for its unique blend of flavours, which is a result of its rich cultural heritage and diverse influences.

10 Most Loved Traditional Goan Dishes!

When we talk about Goan cuisine the tempting ideas of that mesmerising taste and liberal use of spices, Coconut, rice, and seafood will take hold of our senses. The use of Kokum and Vinegar is another phenomenal feature of Goa’s cooking style. 

Popular Categories



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.