With the hospitality market reaching $4.7 trillion dollars, heading towards the $5.8 trillion dollar projection by 2027, the value of a hospitality degree is steadily growing to meet its industry valuation. Yet, it remains one of the most underrated degrees in the professional market.
With Tourism and Travel generating 10.4% of the world's economic activity since 2018, tourism jobs have been growing steadily, especially so after the covid pandemic.
Though Tourism and Travel aren't the only sectors to start booming again, the Food and Bevarage sector of hospitality has seen a registered total of $91.1 billion in sales in July 2023, compared to its total registered sales of $58.6 billion in January 2023.
Despite the stoking of a 2023 recession fire, the hospitality industry is continuing to surpass expectations and is generating strong numbers.
Market performance of hospitality has exceeded other industries such as technology and retail. Couple that with the fact that the Revenue Per Available Room (RevPAR) has actually exceeded the GDP growth of the current economic cycle. The hospitality industry is seeing through an incredible year of growth and revitalisation.
So, what does this mean for future hospitality graduates?
This means growth in salary capacity across the board and especially in Hotel Management and Tourism sectors. With the hotel sector adopting more 'wellness' amenities post-covid, people are feeling safer and are being more comfortable to stay in hotels again. This aided the revitalisation of the market, which overall, played a factor in the significant growth rate of the industry as a whole.
Given the surge in demand again, there has been a plethora of job opportunities for hospitality graduates to chase, many of which are high-paying positions (up to $200,000).
Here are several sub-sectors under hospitality:
- Hotel Management
- Food & Beverage (F&B)
- Travel & Tourism
- Casino Management
- and many more...
The multitude of sub-sectors within hospitality makes it an incredibly thriving industry, and because of its versatility, it is also quite stable. If one sub-sector is affected by a sluggish economy, a hospitality degree will allow you to jump into other areas within the industry, without severely affecting your future job prospects and opportunities.
This in turn allows those working in the industry to network way more efficiently, especially within the higher echelon of sub-sectors like in Hotel Management, due to the constant interaction with guests and management that is highly required.
Partner that, with a degree in hospitality, and graduates will continue to see accelerated growth within the entire industry.
If a career in Hospitality has been something you have been considering, Reliance College is the right place to start. We are the nation's pioneer in Tourism and Hospitality education. With over 35 years of training experience, we believe in producing the best graduates for the ever-evolving and continuously growing hospitality industry. It's time to begin your journey into the trillion-dollar hospitality industry!