HOSPITALITY INDUSTRY

Contemporary Hospitality Industry



Contemporary Hospitality Industry

Hospitality industry has been affected by several trends and factors that define the prospects of the industry in the future. Sustainability has become one of the most prominent trends in the hospitality industry in the recent decade. The issue of sustainably will become a defining trend for the hospitality industry in the year 2015 and it will continue to progress in the industry for five years and beyond (Wang & Wang, 2009). The increasing extent of scarce resources in the world and the rising population has provided an immense challenging businesses environment for the entrepreneurs and the stakeholders in the hospitality industry. As a result, the sustainability needs to be integrated within all the aspects of the hospitality industry rather than an issue that is dealt with a standalone position. The operators in the hospitality industry should keep pace with the fast changing social views, the regulations of the government and the business norms in order to quickly adapt to the continuously changing demands and expectations of the stakeholders and the consumers in the hospitality industry. Hospitality is a flexible purchase for many as described by its volatility in the current recession period. It has been observed that by the year 2015, the consumption of services and goods will be directly correlated to the environmentally irresponsible behavior and challenged by the new and emerging social norms of the time. The goods and services included under the irresponsible environment factor include the luxury items that affect the environment in a negative way. Therefore, the use of luxury products and services will be seen as unacceptable and the hospitality industry will be widely impacted by the risk of unsustainable practices (Moreo et al., 2009).

According to the world business council for sustainable development (2008) that discusses the ...