The hospitality industry in northern Texas is particularly vulnerable to the effects of climate change. Rising sea levels, melting snow, heat and drought are all changing the landscape of ecotourism and other forms of tourism. Sustainable practices are becoming increasingly important for hospitality organizations to stand out in the market. Today's travelers, restaurant customers, hotel bookers and shoppers are all looking for companies that follow appropriate practices from an environmental, social and cultural point of view.
An overwhelming majority of millennials and Generation Z are willing to pay more for products and services that don't harm the environment, deplete natural resources, or negatively affect people's lives or wildlife. The average regional multipliers for leisure and hospitality were used to estimate how the initial introduction of economic inputs into the industry, in the form of sales, employment or income, affects the Texas metropolitan area. The dollar and the return of the Dow Jones industrial average had a high explanatory power to predict cross-cutting differences in systematic risk. Texas women in leisure and hospitality generate additional business activities that ultimately support about 530,000 jobs in other industries across the state economy. While sustainability in hospitality offers clear advantages, professionals in this industry have yet to overcome challenges to create sustainable strategies. According to industry statistics, only in the US direct employment in the hospitality sector totaled 19 million people before the COVID-19 pandemic, making hospitality the largest industrial sector in the country, substantially eclipsing employment even in the health and manufacturing sectors. The debates over whether the global economic shutdown in response to COVID-19 was successful or ineffective and unduly paralyzing are ongoing.
The recent declines in COVID-19 cases suggest that the pandemic is already disappearing or are simply the prelude to a much dreaded “second wave”. For thousands of hospitality companies, millions of hospitality workers and hundreds of millions of hospitality customers around the world, the end of the COVID-19 pandemic cannot come soon enough. The fact that the number of COVID cases in each country was negligible is not surprising, given the study's emphasis on the early stages of the pandemic, when the large differences in infections, hospital cases and deaths had not yet been fully discovered. The authors document clear cases of legislators who “negotiate ahead of the market” buying (selling) shares of companies that are expected to rise (fall) as the pandemic spreads and, in particular, buying shares in pharmaceutical companies and selling them in the hotel industry. Although family businesses are more financially sound than non-family businesses (controlling for differences in financial strength), they don't actually seem to invest more in CSR than non-family businesses. Given that the stock market began to rebound in early April (probably as a result of government support efforts), it is clear that pessimism caused by the virus pandemic is well reflected in financial markets. Those jobs generate additional business activities that ultimately support about 530,000 jobs in every other industry in the Texas economy.
What was so catastrophic for companies in the hotel sector was not only high number of reproducers of virus but also high morbidity rate among general population combined with mortality rate that is still unknown but apparently high (possibly close to 5 percent).In conclusion, it is evident that the hospitality industry has a significant impact on finance practices and investments. Sustainable practices make hospitality organizations stand out from their competitors while government support efforts help to reduce pessimism caused by virus pandemic. Moreover, hospitality industry generates additional business activities that ultimately support about 530,000 jobs across Texas economy.