According to a new report by hospitality industry surveyors, Ernst & Young, the hospitality industry will see 2011 as a great growth year. Because of this, it is a great time to pursue an online hospitality degree in this field. An online hospitality degree gives graduates a great advantage in the technology-driven world. Pair that with work experience in a field, and chances are you will be in a great position for a new career. The expected revenue increase for the hospitality sector is due to a number of reasons, as explained by the 2011 report. The biggest factors seem to be an increased international market growth especially in China, the limited amounts of hotels and other hospitality areas since the decline in construction and the prodigious return of investors.
The international hospitality market will see a huge spike in travelers, especially from market-dominant China. Ernst & Young reports that about 41 percent of travel will be done by the Chinese, not only as a result of their burgeoning market but also because of the increased ease of getting visas from countries like the U.S and Europe. Other growing places like India, Brazil and Russia will contribute to the hospitality sector with their own growing economies - both as an outgoing business and as a tourist spot. Russia and Brazil also have the added advantage of hosting two huge international sporting events. Russia will host the Winter Olympics in 2014 and Brazil will host the Summer Olympics in 2016. Brazil is also hosting the FIFA World Cup in 2014 and Russia will host the FIFA World Cup in 2018.
Hotel and restaurant growth took a sharp decline in 2009 and 2010 because of the lack of funding brought on by the economic recession and the resulting halt on construction for new projects. There was not enough of a return to justify the investments as there once was. However, Ernst & Young predict that new investors will jump-start industry construction again. And this time, many will be a little bit more modest in their estimations and more conscience of the budget-minded traveler, making for a more lasting investment in the hospitality market.
The construction, however, will not be as quick as it once was - while new investors will appear, they will not be as plentiful as before, making for a more tightly controlled hospitality market. As a result of higher demand and limited supply, there will be rising room rates and an equal amount of people who will pay the higher amount.
Soon enough, the hospitality market will even out to a broadly divided spectrum of five stars to economy hotels and restaurants. This is the perfect time to begin a career in the hospitality market and start making your own impact in the industry. Earning an while still employed at your current job, is the first step. Since hospitality is such a competitive and ever-changing field as the last few years and coming ones will attest to, an online hospitality degree paired with relevant work experience is the ticket to a better career.
The international hospitality market will see a huge spike in travelers, especially from market-dominant China. Ernst & Young reports that about 41 percent of travel will be done by the Chinese, not only as a result of their burgeoning market but also because of the increased ease of getting visas from countries like the U.S and Europe. Other growing places like India, Brazil and Russia will contribute to the hospitality sector with their own growing economies - both as an outgoing business and as a tourist spot. Russia and Brazil also have the added advantage of hosting two huge international sporting events. Russia will host the Winter Olympics in 2014 and Brazil will host the Summer Olympics in 2016. Brazil is also hosting the FIFA World Cup in 2014 and Russia will host the FIFA World Cup in 2018.
Hotel and restaurant growth took a sharp decline in 2009 and 2010 because of the lack of funding brought on by the economic recession and the resulting halt on construction for new projects. There was not enough of a return to justify the investments as there once was. However, Ernst & Young predict that new investors will jump-start industry construction again. And this time, many will be a little bit more modest in their estimations and more conscience of the budget-minded traveler, making for a more lasting investment in the hospitality market.
The construction, however, will not be as quick as it once was - while new investors will appear, they will not be as plentiful as before, making for a more tightly controlled hospitality market. As a result of higher demand and limited supply, there will be rising room rates and an equal amount of people who will pay the higher amount.
Soon enough, the hospitality market will even out to a broadly divided spectrum of five stars to economy hotels and restaurants. This is the perfect time to begin a career in the hospitality market and start making your own impact in the industry. Earning an while still employed at your current job, is the first step. Since hospitality is such a competitive and ever-changing field as the last few years and coming ones will attest to, an online hospitality degree paired with relevant work experience is the ticket to a better career.
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