Aug-27 Forces Affecting Hospitality

Aug-27 Forces Affecting Hospitality - The children of the...

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Click to edit Master subtitle style HRIM 201 Class # 3 Forces Affecting Hospitality
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Forces Affecting Growth and Change in the Hospitality Industry: Demographics and the Changing Population Age Racial and Ethnic diversity Gender and participation rate Income Distribution Supply Land Food Labor World Economics and Politics
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Age Baby Boomers: Born 1946 to 1964, range in age from 46 to 64 Represent 26 % of the population. Are in their “high income” years and are driving much of the economy, and represent a large share of overall spending on foodservice, lodging travel and recreation Generation X: Born 1965 to 1975, range in age from 35 to 45. Represent 14% of the population, Mid career or career establishment, many have children now, Technological savvy, Highly educated, different values than boomers Generation Y: Born 1976–1994, range in age from 16 to 34
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Unformatted text preview: The children of the Boomers, includes most of you Represent 24% of the population, the teenage segment of GenY alone represents 21% of overall spending in the US, characterized by diversity in makeup and behavior Supply Land: Land becoming more scarce because (1) prime spots have already been developed and (2) environmental pressures have resulted in certain zoning restrictions F ood: Food safety, sustainability, seasonality, weather, climate change, overfishing Labor: employment rate, Immigration rates and restrictions, Competition for workers, employee turnover (can exceed 100% in some sectors), part time versus full time workers World Economics and Politics Economic growth versus recession International trade and trade balance National and international tourism Terrorism...
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Aug-27 Forces Affecting Hospitality - The children of the...

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