The hospitality and tourism industry is one of the world's largest and most lucrative sectors. Billions of dollars cycle through it every year and, until recently, the industry was outpacing the world economy when it came to overall sector growth.
Many factors should be taken into account to have influenced this surge - a strong economy, rising global consumer purchasing power, and access to travel have all played their part. However, there are many other underlying factors that have caused such a massive surge in this sector.
Join SAIT instructor, Chris Irish, for a 30 minute SAIT Mini-Lesson as he unpacks the fascinating topic of Decoy Pricing Theory and the Price-Quality Effect within the hospitality industry. These are pricing strategies that we are exposed to on a daily basis, and they have a massive impact on the way we spend our money.