Discuss the icemaker-economic factors affecting demand for your industry sector The hospitality Industry makes a major contribution to the UK economy. It Is a fact that the hospitality business employs a large percentage of people. This paper further focuses on economic Impact. It will be covered what Is the mall reasons affecting demand. Alt will be analyzed about the global recession problem and how the recession has been impacted on people. Below in the essay will be covered how The Titanic anniversary and The Olympics Games increase The united Kingdom economy.
The purpose of this essay Is to examine and give practical examples related with the hospitality industry. First of all, the main important factors are that demand is affected by the level of income intimidation in hospitality business. Inflation has affected every industry in these and especially hospitality and tourism. According to Anon a. (2012)”inflation’s a rise In the general level of prices of goods and services In an conveyer a period of time. When the general price level rises, each unit efficiency buys fewer goods and services”.
The biggest Issue of theologian Is that the prices are growing up, but he salary Is not rose up. Prices increasing have caused a decrease on consumers traveling as much states usually would like. Furthermore, it is a fact that people spend less money traveling abroad and staying over in a luxury hotel. It is getting more Andromeda popular to make holidays at home, as it is the cheapest an availabilities. Many hotels compete with each other doing special offers to sell rooms the local residents. Also regular customers have even reduced their superintending on traveling and staying in hotels.
We will cover another one a activators that quite period in hotels lead to reduce staff. During recession oversensitivity has to reduce personnel due to fear of going Into liquidation business. Another one the biggest a global problem In the world Is recession. Recession Is a period of temporary economic decline during which business activity are reduced. Jobs are on the fall everyday. The recession has impacted on every industry in ELK, especially hotels and tourism business, as people primarily reject traveling if they do not have money.
Many people are affected by recession and as a result they lose jobs. Furthermore, the government should support the hospitality industry in order to reduce financial difficulties in the country. Moreover, the government has to help in reducing taxes in this wait is aim to survive hotels. Due to crisis situation the banks storyboarding loans for people. The government should not increase taxes and another charges In order to keep the hospitality industry In good constitutionally.
Next, there Is no doubts London the Olympic games In 201 2 Is a major event In the world. Volume overseas visitors. The flow of those visitors will be affected by a great indifferent factors. For example, if tourists can purchase more pounds sterling their own currency or air fares to the destination have fallen or a majorettes, such as an international sports event – The Olympics – is bioengineering – all these factors will encourage tourist to visit the city’ (2009 p. 92).
At that moment many people are traveling to London from all over the world ninths way they will increase the economy but it will last only for the Olympic Gamekeepers. It is a great chance for economic increasing during the games spooking of the rooms are dramatically rose and follow y this the prices also increased. So, every industry will be affected and staff is recrudescing the games period. Moreover, in the hospitality industry after theologizes games will be an economic recession and many employees will lose jobs.
So it can found positives and negatives aspects from economic side. It is fact that the games grow up the level of tourists in London. By the way,Northern Ireland is also involved in Olympics and in the end of July in IN will be events related with the games. Furthermore, the whole UK economy is affectedly the games and it makes a age profit for the hospitality industry. In Northern Ireland givers remunerative year as it was commemoration one hundred year of the sinking the Titanic ship. In March and April it was opening of the new Tintinnabulation – Titanic Quarter.
Millions pounds were invested into the tintinnabulation. This international public event attracts many tourists. Furthermore,Belfast city was involved in the event; it was many festivals and exhibitions. Moreover, the whole hospitality industries eager for increasing the budge bottles so they were trying to incorporate hotels also in this special event. For example the merchant hotel was also involved in this prominent event, as the hotel was decorated like the titanic ship. The Bar staff got new uniforms this period being more involved in the event.
So the hotel attracted a lotto tourists from all over the world. It is a fact that the prices grew up for the Titanic anniversary. The general manager of the merchant hotel Adrian Mishandling that “the revenue was surprisingly very high he mentioned that they’d not expect so many tourists in the hotel”. So, the internationalization event increased Northern Ireland an economic tuition, but after titanic festival for couple of weeks it was a collapse in the hotel, so employment’s were cut.
Over all it is a backchat during recession period everybody has to be involved in a saving process. So, the biggest factor is income which affects people to save money and despondent money only on priority things. These days a lot of group of people reject travel somewhere abroad because of having financial difficulties. There sins doubt that there is still a long way to go until the recession is over. Millions of businesses throughout the world are in bad current economic climate.