The many industries that are involved in the boosting of the economy have suffered heavily as a result of all these changes. This paper will review some of the industries most affected by the recession, and how they have handled the situation from the moment they have had to bear the brunt.
One of the main industries that have by far been hard hit by the recession is the hotel industry. This industry has faced the rough waters and has, at some point, hit rock bottom. The question whether it has recovered from the escalation of the recession is answered by measuring where things stopped being worse. For example, room occupation rates in many hotels dropped drastically (Barrows 2008). The tourism industry, which goes hand in hand with the hotel industry, has had to bear this huge burden too. With the rise in fuel prices and transport, it is hard for tourists to travel far and wide to their travel destinations.
During economic hardships, individuals, irrespective of where they are, still think of ways to fulfil their basic needs. Some expenses, for example, vacations and holidays take a back-burner. This means that the hotel and tourism industry is likely to be affected greatly by these changes (Dimitri &. Debbage 1998). This is because there will be a drop in the services provided by the hotel industry, meaning that employees at these hotels will have to be let go. The same rule of supply and demand applies everywhere. As the demand for these industries decreases, so does the supply. This means that the economy continues to suffer heavily.
One effect of the recession could be the high cost of living being experienced. This implies that the ordinary people cannot afford to spend far from what they earn. This could affect the hospitality industry since even getting to enjoy a decent three course meal in a restaurant becomes difficult. People only think of the expenses they will incur if they indulge themselves in luxury. As the cost of living