Hospitality and Travel: Introduction
Companies in this segment operate short-term lodging facilities which include hotels, motels, and resorts.
In this segment, companies provide scheduled domestic and international passenger transportation.
The food services segment is composed of companies that provide meals, snacks, and beverages to customers for either on-site or off-site consumption.
The Hospitality and Travel industry is Fragmented. The production in this industry is divided among a few different companies, however, no single firm has large enough share of the market to be able to influence the industry's direction or price levels.
Primary Demand Drivers
- Business and tourist travel
- Strength of the domestic economy
- Efficient operations, because many costs are fixed
- Effective marketing
From the Blog
The coronavirus pandemic has brought about changes in lifestyle for populations around the globe. People are staying home and avoiding travel, whether by choice or due to government restrictions. International travel, in particular, has stopped in its tracks. As of March 31, the United States is under a Global Level 4 Health Advisory, with the state department recommending all citizens avoid international travel. Inevitably, travel-related industries have felt the impact of these changes. Let’s look at how airlines and other hospitality businesses have been affected by the coronavirus.
By now, everyone has heard of virtual reality (VR). For the past decade, scientists and engineers have tried to improve this technology to be more user-friendly and affordable. Companies around the world are all investing in this "next big thing". Thanks to their hard work, VR has become not just something in fantasy movies but also a technology that can be used in daily life.
- SelectUSA (Date Accessed: 6/1/2017)