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A Review of the Impact of the Epidemic on the Hotel Industry

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

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  • Yilong Zhou

    (Nanjing International School)

Abstract

The epidemic of novel coronavirus in 2091 brought a huge impact on the world economy and society, and the impact of the outbreak on the operation and development of hotels has received more and more attention from scholars, and different scholars have different research perspectives and results. Based on this, this paper composes the existing research results and analyzes the direct economic impact of COVID-19 on hotel operations, the coping strategies of the restaurant industry, and the long-term impact on the restaurant industry in the post-epidemic era, respectively. The findings indicate that the epidemic has directly affected the hospitality industry's operations by disrupting jobs, reducing working capital, and changing market demand. In addition, the economy was weakened by the closure of most of the hotel industry, even leading to lower stock market returns. This inspires the need for market participants to adjust their business strategies in a timely manner so as to reduce the impact of the post-epidemic era on the industry's growth and thus achieve a healthy and sustainable industry.

Suggested Citation

  • Yilong Zhou, 2022. "A Review of the Impact of the Epidemic on the Hotel Industry," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 324-328, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_49
    DOI: 10.2991/978-94-6463-036-7_49
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