Developing an Attribute-Based Model for the Growth of the Hospitality Industry: A Socio-Cultural and Economic Perspective

Abstract

Introduction: Modern challenges, such as globalisation, the growing competitive environment and the impact of the COVID-19 pandemic, are significantly changing the priorities for the development of the hospitality industry. Integrating socio-cultural and economic indicators is key to ensuring the industry’s sustainability in dynamic changes.

Objectives: The study aims to examine the role of socio-cultural and economic indicators in the development of the hospitality industry, particularly their impact on the sustainability of enterprises in different regions.

Methods: The research methodology is based on system analysis, content analysis of literature, and comparative analysis, allowing us to assess the interaction of key factors and propose adaptive management strategies.

Results: The study identified six key contexts for assessing the industry’s sustainability: socio-cultural, economic, environmental, institutional, technological and regional. An attribute model is proposed that integrates these contexts to ensure an integrated approach to management. The practical significance of the results lies in the possibility of using the proposed model to develop effective management strategies focused on the sustainable development of enterprises. The results can be used to optimise individual enterprises’ activities and formulate government programmes to support the industry.

Conclusions: The proposed approaches ensure the adaptation of management strategies to regional peculiarities, consider the impact of global challenges and promote the development of a competitive and sustainable hospitality industry.