Relationship between Micro and Macroeconomic factors: A study in Hotel Industry in India
Tourism and hospitality industry is one of the key drivers of Indian economy. There has been no significant study on the role of macroeconomic factors on the microeconomic factors of hotels in India. The objective of the study is to find the relationship between macroeconomic factors of Indian economy on the microeconomics of hospitality industry in India. The macro and microeconomic data related to the Indian economy and Indian hospitality industry collected for past ten years. Pearson product movement correlation used to analyse the relationship. The results of the study show thatGDP, Inflation, and the Unemployment rate have a correlation with RevPAR, Occupancy and hotels’ Net income.
Keywords - Hotel, Economic indicators, RevPAR, Correlation, India