NAICS 72 - Accommodation and Food Services
The Sector as a Whole
The Accommodation and Food Services sector comprises establishments providing customers with lodging and/or preparing meals, snacks, and beverages for immediate consumption. The sector includes both accommodation and food services establishments because the two activities are often combined at the same establishment.
Excluded from this sector are civic and social organizations; amusement and recreation parks; theaters; and other recreation or entertainment facilities providing food and beverage services.
Industry trends:
One of the latest qualitative trends in the Accommodation and Food Services sector (NAICS 72) is the significant shift towards sustainability and eco-friendly practices. Businesses in this sector are increasingly focusing on reducing waste, sourcing locally produced ingredients, and minimizing their carbon footprint. This trend is driven by growing consumer demand for environmentally conscious options and increased awareness of climate change's impact.
Another trend gaining momentum is the digital transformation in service delivery. The industry has seen a rise in the use of technology to enhance customer experience, such as mobile ordering, AI-driven chatbots for customer service, and the integration of contactless payment systems. Hospitality businesses are also leveraging data analytics to personalize services and improve operational efficiency.
The demand for plant-based and health-conscious menu options continues to rise. Consumers are becoming more health-aware and opting for nutritious foods, driving restaurants and food services to expand their offerings to include plant-based dishes and healthier alternatives.
Experiential dining and unique stay experiences are also on the rise, as consumers prioritize personalized and memorable experiences over conventional offerings. This includes themed dining events, immersive travel experiences, and boutique accommodations with distinctive character and design.
Forecasts for the near future suggest that these trends will continue to evolve, with further innovations in sustainability and technology. The sector is expected to adapt to changing consumer expectations and external pressures, with businesses that can successfully integrate sustainability and technology likely to enjoy competitive advantages. Additionally, as the industry recovers from the impacts of the pandemic, there will be a focus on building resilience and flexibility to navigate future disruptions.
This industry is comprised of:
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
With iCFO You Get
What Is iCFO?
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Sound Business Analysis
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
Your Business’ Health In Minutes
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.