Effect of Recession on Hotel Industry!

Do you think that recession has gone? I know many of you will tell yes, a bit, but not completely. That’s true; we the working class has suffered badly from it, but other business like hotel industry too get affected from recession. Basically business is something on which our survival depends, is not it? But if the business is suffering, it means it will hit the economy too, and we all know how much important is the hotel industry for US economy.

When such an event like recession hit a particular industry it not only affects many life associated with the particular industry, but people associated with many associated industries to get affected because of the same. Many people say that the recession of the year 2009 was the worst. Truly, it is affecting America till now. Not only America, but the entire globe is any how suffering from the recession.

I was surprised to see the affect of recession on the world’s most unbreakable economy. The industry which got affected mainly because of recession is of accommodation, traveling and hotel industry. As we do know that the income of many families goes down badly during recession. Some families even lost all sources of income too, which created panic and turmoil in their life.

This is why people are saving on traveling and staying back in their home only. This is affecting the hotel industry badly. Not only the family visitors, but hotel industries are also losing their business travelers too. These day’s companies prefer video conferencing for meeting rather than going overseas for meeting. All these situations caused panic in the hotel industry and they took some instant measures like slashing the rates, increasing marketing costs, and promoting their websites.

Some of the hotels are lucky enough to get the support from the government too, but those hotels were very few and they not only survived the recession but came over it very soon. Overall hotel industry is suffering from the recession and I hope very soon they can heal over it.