Search for recent (2022 – 2023) newspaper articles displaying five (5) variables in the macro-environment that could/will influence the hospitality industry e.g hotels, guesthouses, BnBs.

Answer 1

1. Economic factors: The economic environment plays a crucial role in the hospitality industry. Look for articles discussing the impact of inflation, exchange rates, or economic policies on hotels, guesthouses, and BnBs. For example, an article might discuss how rising interest rates affect the affordability of travel and ultimately impact the demand for accommodation.

2. Technological factors: In today's digital age, technological advancements greatly influence the hospitality industry. Look for articles highlighting the integration of new technologies such as artificial intelligence, contactless check-ins, or enhanced guest experiences through mobile applications. These advancements can significantly impact the operations and competitiveness of hotels, guesthouses, and BnBs.

3. Environmental factors: Sustainability has become a critical concern for the hospitality industry. Search for articles discussing the growing importance of environmental sustainability and its impact on hotels, guesthouses, and BnBs. This could include initiatives like reducing carbon footprints, implementing eco-friendly practices, or incorporating renewable energy sources.

4. Social factors: Changing societal trends and values can influence the hospitality industry. Look for articles discussing shifts in consumer preferences, such as a growing demand for environmentally-friendly accommodations, wellness-focused amenities, or personalized experiences. These social trends can shape the strategies and offerings of hotels, guesthouses, and BnBs.

5. Political factors: Political decisions and regulations can have a significant impact on the hospitality industry. Look for articles discussing changes in government policies, tax regulations, or visa restrictions that may affect international travel, tourism, and accommodations. These factors can influence the profitability and operating conditions of hotels, guesthouses, and BnBs.