LUXURY LEDGER: A COMPREHENSIVE STUDY OF GUEST PURCHASE DECISIONS THROUGH THE ART OF PRICING IN NAKURU CITY'S HOTELS
Keywords:
Hospitality Sector, Economic Development, Tourism, GDP Contribution, Kenya Hotel IndustryAbstract
The travel and hospitality sector, renowned for its substantial contributions to global economic development, has historically played a pivotal role in enhancing Gross Domestic Product (GDP), employment opportunities, and foreign exchange generation (Manzo, 2019; WTTC, 2019). This economic sector has not only sustained nations worldwide but has also significantly benefitted countries in Africa. Local communities in particular have reaped rewards from tourist hotels and lodges, enjoying increased job prospects and the procurement of locally sourced products (Mrema, 2015; Ampofo, 2020). Moreover, the sector is widely recognized as a cornerstone in boosting revenue and fueling economic growth for nations (Ampofo, 2020; Sucheran, 2021).
Kenya serves as a compelling example of the profound economic influence of the hotel sector. In 2018, the hotel industry accounted for 16.6% of the annual GDP, marking a noteworthy increase of 2.3% compared to the 2017 contribution of 14.3% (Government of Kenya, 2018). This surge was bolstered by the withdrawal and relaxation of travel advisories, ultimately resulting in a 32.8% rise in hotel bed night occupancy in 2018, compared to 31.2% in 2017 (GoK, 2018).
