HOSPITALITY: ECONOMIC INTERPRETATION OF THE CATEGORY

Abstract

This article comprehensively examines the concept of the "hospitality sector" from an economic standpoint, drawing on diverse scholarly perspectives and global considerations. Noteworthy researchers, including A. Beliak, L. Honchar, V. Rusavska, J. Dittmer, J. Griffin, and V. Mazur, contribute insights that enrich the understanding of this multifaceted industry. The economic dimension of the hospitality sector is meticulously explored, particularly in the context of the United States and the United Kingdom. The article emphasizes the sector's pivotal role in overall economic development and employment generation. Classification systems like NAICS and SIC are scrutinized for their role in categorizing the hospitality industry, shedding light on its intricate facets. Special attention is given to the approach adopted by UK Hospitality, which expands the scope of the "hospitality sector" to encompass not only accommodation and food services but also the orchestration of conferences, exhibitions, and entertainment. The article underscores the need to view the hospitality sector not solely as an economic entity but also as a crucial player in international trade and investment. The classification of the hospitality sector according to the CEA-2010 is presented in the concluding section, emphasizing the importance of studying this economic phenomenon through moral-aesthetic, techno-economic, and socio-justified lenses. The author advocates for further research to deepen our comprehension of this vital industry, urging scholars to consider contemporary economic trends and challenges. A specific call is made for exploring the formulation of key principles for the organizational and economic mechanisms driving the sustainable development of the hospitality sector. This avenue promises to be a significant area of investigation for future research, contributing to the ongoing evolution of this dynamic industry in response to changing economic landscapes. Furthermore, exploring the role of sustainable practices within the hospitality industry and their implications for economic and environmental sustainability could provide valuable insights. Finally, a comparative analysis of hospitality sectors in different regions or countries may offer a nuanced understanding of the industry's adaptability and response to diverse economic and cultural contexts.