THCMAC103 Module 4: Current Trends and Issues in the Tourism and Hospitality Industry

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Questions and Answers

What is one of the significant social and economic changes that suggest a bright future for the tourism and hospitality industry?

Decrease in retirement benefits

Increase in the age for receiving social security benefits

Expansion of retirement age (correct)

Increase in working years required for retirement benefits

What does the US social security system provide to workers?

Benefits at 55 years of age

Benefits at 65 years of age

Benefits at 70 years of age

Benefits at 62 years of age (correct)

What is the basis for many employee retirement programs?

Position in the company

Years of service (correct)

Educational qualification

Age

In some retirement programs, what is the minimum working period to receive benefits at a younger age?

30 years Signup and view all the answers

What does the early retirement trend imply for the tourism and hospitality industry?

Increased potential customer base Signup and view all the answers

How do the social and economic changes relate to the future of the tourism and hospitality industry?

They imply a bright future for the industry Signup and view all the answers

What is one reason the increasing number of early retirees is beneficial for the tourism and hospitality industry?

They have more time to travel and see the world Signup and view all the answers

How has the longer life span of the average individual impacted the tourism and hospitality industry?

It has resulted in a larger base of potential customers for tourism and hospitality operations Signup and view all the answers

What impact has the transition from a six-day workweek to a four-day workweek had on travel and tourism?

It has increased leisure time and made it possible for individuals to take weekend vacations Signup and view all the answers

How has the increase in disposable income impacted the tourism and hospitality industry?

It has provided an important share of additional disposable income to tourism and hospitality operations Signup and view all the answers

How have improved roads and better transportation impacted travel?

They have made it easier to travel every year Signup and view all the answers

What is one effect of the modern highway system on travel?

It has reduced the time required for automobile travel between any two points Signup and view all the answers

How has the decrease in average family size impacted travel costs?

It has made it easier for families to travel and reduced travel costs Signup and view all the answers

What is one emerging issue brought about by social, economic, and technological change in the tourism and hospitality industry?

Legal challenges related to tourism operations Signup and view all the answers

Under which category do the issues related to marketing, legal, human resources, operations, and consumer affairs fall?

Categorized Industry Issues Signup and view all the answers

Which of the following is NOT a category under which the issues facing the tourism and hospitality industry can be categorized?

Technological Innovation Signup and view all the answers

Study Notes

Significant social and economic changes indicate a promising future for tourism and hospitality, driven by evolving demographics and consumer preferences.
The US social security system provides retirement income and benefits for disabled workers and their families, ensuring economic stability for aging individuals.
Many employee retirement programs are based on defined benefit plans or defined contribution plans, guiding retirement savings and disbursements.

Retirement Trends and Implications

In some retirement programs, a minimum working period of ten years is often required to qualify for benefits at a younger age.
The trend of early retirement implies a growing consumer base for tourism and hospitality, as retirees seek leisure and travel opportunities.
An increasing number of early retirees can be beneficial for the industry, contributing to demand for travel services and hospitality experiences.

Impact of Longer Life Span

The average individual’s longer life span has led to increased travel opportunities, as retirees engage in leisure activities and exploration in their extended years.
Transitioning from a six-day workweek to a four-day workweek has expanded travel possibilities, allowing consumers more time to travel and explore.

Economic Factors Influencing Tourism

Higher disposable income allows consumers more freedom to invest in travel and hospitality, driving growth in the industry.
Improved roads and transportation systems enhance accessibility, reducing travel times and increasing tourism potential.
The modern highway system facilitates long-distance travel, contributing to greater exploration of diverse destinations.

Family Dynamics and Travel Costs

A decrease in average family size often leads to lower group travel costs, making trips more economical for smaller families or individuals.
An emerging issue in tourism and hospitality relates to adapting to rapid social, economic, and technological changes, requiring constant innovation and responsiveness.

Categories of Industry Issues

Issues related to marketing, legal matters, human resources, operations, and consumer affairs fall under the broader category of operational management in the tourism and hospitality industry.
While many factors affect the industry, one category not commonly recognized is the misdirection of focus on outdated strategies rather than contemporary consumer needs.

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Description

Test your knowledge of the current trends and issues in the tourism and hospitality industry with this quiz based on Module 4 of THCMAC103. Explore the social and economic changes shaping the industry's future, as well as the specific challenges faced by owners and managers of establishments.