Global trends and practices of innovation in the hotel and restaurant industry

Hoi Vladislav
Postgraduate student of the Department of Organization Management, specialty: management, Odesa National Economic University, Odesa, Ukraine, E-mail: vladislavgoj9@gmail.com, ORCID: https://orcid.org/0009-0004-2708-7596

Cite this article:

Hoi V. (2024) Global trends and practices of innovation in the hotel and restaurant industry. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Svitovi tendencii ta praktyky innovacij u gotelno-restorannij industrii; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 12 (325), pp.77-85.

Abstract

The aim of the article is to study the world experience of introducing innovations in the hotel and restaurant business, which are most often used by enterprises. The article considers the main innovations in the hotel and restaurant business, analyses trends in the use of innovations, develops a classification of innovations by their nature, conducts a critical analysis of literature and studies the practice of implementing innovations in the world. A critical analysis of the literature, a study of innovation practices, and economic analysis were conducted. The author has found that innovation activity in the hotel and restaurant business is constantly evolving, and a complex competitive environment is emerging due to the large number of new establishments. The author analyses the main opinions of scholars on this topic and proves that sustainable development is currently the main innovation trend in the hotel and restaurant business. The article examines the investment in innovations in the hotel and restaurant business in the world and analyses which innovative technologies are most invested in. The hotel market was studied by type and analysed which types of hotels are more numerous in the world and which types are more popular. The dynamics of investment over the past six years was also studied and analysed to see how innovation was developing before and after the pandemic, as well as how it is developing now. It was found that some innovations from the pandemic period have become a trend that has continued today, and the experience of the pandemic has made it clear to the hotel and restaurant business that innovation is the right way to develop their business and is one of the main ways to overcome the crisis. Today, it is thanks to innovations that the hotel and restaurant business is developing and becoming more technologically advanced. Previously, the hotel and restaurant business had high costs for many different things, but as time passed and innovation helped in business development, all previous problems were solved and the management process became more predictable and with minimal risks. Therefore, right now, the analysis of modern global trends in innovation will help businesses find the right way to develop and increase competitiveness.

Keywords

innovation, hotel and restaurant business, management, sustainable development.

JEL classification: М 100; DOI: https://doi.org/10.32680/2409-9260-2024-12-325-77-85

UD classification: 338.48+640.4+642

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