The hospitality industry is much broader than most other industries. The majority of business niches are composed of only a handful of different businesses, but this industry applies to nearly any company that is focused on customer satisfaction and meeting leisurely needs rather than basic ones. While this industry is very broad, there are some defining aspects that are important to understand.
One of the most defining aspects of this industry is that it focuses on customer satisfaction. While this is true of nearly every business, this industry relies entirely on customers’ being happy. This is because these businesses are based on providing luxury services. Very few hospitality businesses provide a basic service that people need, like food or clothing.
Another defining aspect of this industry is its reliance on disposable income and leisure time. For this reason, the majority of these businesses are for tourists or rich patrons. If disposable income decreases due to a slump or recession, then these are often the first businesses to suffer because customers won’t have the extra money to enjoy their services.
Most people think that hotels alone belong to the hospitality industry, but the hotels are only one sector of this industry. Many forms of transportation that cater to tourists are also part of this business world. For example, this niche includes airlines, cruise ships and even fancier trains. Restaurants, general tourism and event planning also belong to this niche.
