A Look at the Hospitality Industry in 鶹ý
The restaurant, hotel and hospitality industry is one of the world’s largest industries. Restaurants and hotels combined earned more than 4.7 trillion dollars in 2023.
Few state economies have as many hospitality and tourism-related businesses as 鶹ý’s. State visitation and spending has risen steadily since 2005, attracting 42.6 million visitors to 鶹ý in 2022. In the same year, tourism-related spending reached approximately $17.1 billion dollars. That is enough to buy each 鶹ý visitor 106 lbs. of crawfish tails. Cha-ching!
The city of New Orleans broke a tourism record for visitation and spending in 2019. Visitors spent $10.05 billion dollars, a 10.3 percent increase compared to the record set in 2018. And according to the French Quarter Business Association, “the city welcomed 19.75 million visitors, a 6.7 percent increase in visitors compared to the previous year.”
For those who see the hospitality industry’s growth as an opportunity for a rewarding career, in the state or beyond, investing in a specialized education makes good business sense. To that end, the University of 鶹ý at Lafayette offers an MBA with a concentration in Hospitality Management program online. Whether you are looking for a management position abroad or seeking to expand your current business in 鶹ý, this unique, 15-month degree program provides thorough preparation for an exciting career.
What Is the Industry’s Scope in 鶹ý?
From restaurants to resorts, cruise ships to theme parks, and retail to theater, the hospitality business exists to serve people. Industry professionals should have the same mindset. It is about welcoming guests, engaging with them and making them happy about spending their money with your enterprise. Hospitality is at the core of everything you do in this industry, whether you are running a hotel, managing travel agents or managing event logistics.
The industry encompasses five major sectors: lodging, restaurants and bars, transportation, entertainment and recreation, and general retail. In 2022, the largest visitor expenditures were in restaurants/meals and lodging, each at 24%, followed by local transportation at 19%.
Direct earnings from visitor spending hit $4.5 billion, with restaurants/meals showing the highest growth at 22%, and lodging at 13%. Spending on entertainment, recreation, and shopping saw a slight decrease from the previous year.
It should be noted that other states cannot easily emulate 鶹ý’s model for tourism. The state has a unique cultural flavor and rich history — the 鶹ý Purchase, the French influence on Creole and Cajun cuisine, jazz music, and of course, Mardi Gras, just to name a few examples. These historical and cultural elements will continue to deepen the state’s appeal and continue to attract new and repeat tourists.
Key Indicators of Industry Prosperity
鶹ý’s thriving hospitality industry employs 218,900 people as of 2022, ranking as the fourth largest industry for employment in the state, after healthcare, retail trade and food services. The industry’s vibrancy today is especially notable considering the setback due to the destruction caused by Hurricane Katrina in 2005.
In terms of key tourism indicators, 鶹ý served 14.1 million airport passengers in 2022. It also sold 20.4 million hotel room nights and 4.8 million convention room nights. These measures are all projected to show steady growth over the next few years, with the most dramatic growth projected in the airline industry.
Tourism Fuels the State Economy
New Orleans is a ten-time host of the Super Bowl, America’s premier sporting event. The only other city that shares this record is Miami. Rival cities bid to host each Super Bowl, raising the stakes until it becomes economically unfeasible for all but the highest bidders. The economic impact has to be significant to justify the cost. In states like 鶹ý, the thriving tourism industry — with more restaurants, hotels and bars per capita than most cities — makes it work by maximizing Super Bowl fan spending.
This dynamic begs the larger question: “What is the contribution of the hospitality industry to the 鶹ý state overall GDP?” In other words, what is the economic value added by visitor spending, both direct (hotel bills) and indirect (extra money hotel manager spends on new clothes after a raise)? Tourism added $66.8 billion dollars in direct value to the 鶹ý economy from 2019-2022. This figure is projected to rise steadily over the next several years, which will necessitate a corresponding increase in educational preparation for careers in hospitality.
Uncle Sam Wants You, and So Does Cajun Country
The wheels of the hospitality industry in 鶹ý, the United States, and around the world are in motion. Join the movement and accelerate its momentum by contributing your talents to the industry. The University of 鶹ý at Lafayette is doing everything it can to help you travel farther in your career with its specialized MBA in Hospitality Management.
Learn more about the 鶹ý Lafayette MBA with a concentration in Hospitality Management online program.