According to Renub Research report titled “China Hotel Market Forecast 2021-2027, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” the China Hotel Market is expected to reach USD 131.15 Billion by 2027. The Hotels industry in China has developed rapidly over the past decade and is an increasingly important industry in many cities and regions in China. The hotel industry represents a crucial component of financial industry outputs, job creation, and business opportunities contributing to local economic development. Evaluating hotel performance is vital for hotel management and strategy by indicating gaps and guiding future Improvement.
With increasing business travel and domestic tourism, the hotel market in China is far from reaching its saturation point. The continuous improvement of the hotel’s occupancy rate, people’s demand for leisure activities and tourism continues to increase. Notwithstanding, in China hotel industry is driven by more significant numbers of domestic and international tourists and increasing living standards and per capita spending for tourism. More elevated demand for services and quality, higher room prices, and industry deregulation has also supported revenue growth over the period. With the increasing demand for international and domestic tourism, China’s total number of hotels is rapidly increasing.
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All International Chain High-End Hotels are Present in China
Besides, China’s largest populations to use their hotel services are business people. China has focused on creating convention centers in their large cities and high-end hotels that is good for meetings and talking. There are many different types of hotel-like High-End Hotel, Mid-Scale Hotel; Budget Hotel is in China. High-End Hotel is a well-known international chain and brand stared hotel. Many foreign hotel brands and their chains continued to expand in China, while the domestic brands are converging on increasing their footprint into mergers and acquisitions. The Chinese government has launched the Greater Bay Area Plan and the Belt and Road Initiative to increase higher demand for luxury hotels.
Similarly, Mid-Scale hotels in China benefit considerably from the recovery of meeting, incentive, conference and exhibition (MICE) services in China because they offer affordable prices and quality services. Middle- and low-end hotels accelerate their development in online booking services. For middle- and low-end hotels with small scale and small client groups, competing with high-end hotels owning large scale and high reputation is getting increasingly difficult. Online booking services help them to reach a broader range of people and thus acquire more clients.
Number of Hotels in Hong Kong Doubled between 2010 and 2020
Beijing’s capital city of China hotel industry has benefited from enhanced intercity transportation and tourism facility. Therefore, Shanghai, one of China’s most important business hubs, is home to a buzzing hospitality market that continues to grow. Moreover, Hong Kong hotel has visited centres for central tourist hubs in China as Chinese visitors from the mainland spend relatively more money. At the same time, during their stay in Hong Kong, the tourism and hotel sector highly depend on mainland Chinese visitors’ revenue. As per our research, with the growing number of overnight visitors, the number of hotels in Hong Kong doubled between 2010 and 2020, while available hotel rooms increased by more than 40 percent. In addition to providing subsidies by China government, the Hong Kong administration initiated a holiday at promoting hotel bookings, home campaigns and touristic offers to Hong Kong residents.
Impact of COVID-19 on China Hotel Industry
The China hotel industry is comparatively less affected by the COVID-19 pandemic during 2020, as the market shifted from International to domestic travellers. The international travellers who account for a less share in the market recorded a sharp decline in transactions as most nations are primarily affected by the sudden pandemic. But as the domestic conditions stabilized and the vaccination rate against coronavirus increased significantly, the impact of the pandemic is steadily diminishing. Thus confidence in the China domestic hotel market is gradually restored, and the dawn of hotel performance is also ushering in, casting out the gloomy mist.
Key Hotel Players Performance
The key hotel players present in China are Huazhu Hotels Group Ltd, Shanghai Jin Jiang International Hotels (Group) Company Limited, Zhejiang New Century Hotel Management Co. Limited, Jinmao Hotel and Ctrip. These players in the China hospitality industry are opting for technological upgrading of their properties throughout the country. For instance, in 2021, Huazhu Group Limited announces License Agreement between Steigenberger and Porsche Design Group to Establish a Joint Hotel Brand.
Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/china-hotel-market-p.php
Hotel Type – Report covers by hotel type in the China hotel market breakup of 3 viewpoints (High End Hotel, Mid-Scale Hotel and Budget Hotel), Platform (Online and Offline)
Ordering Platform – We have covered by Ordering Platform in the China hotel market breakup by 2 viewpoints (Online and Offline)
City – Our Report covers by city in China hotel market breakup by 6 viewpoints (Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong, Macau)
All the key players have been covered from 3 Viewpoints (Overview, Recent Development, and Hotel Revenue) Huazhu Hotels Group Ltd, Shanghai Jin Jiang International Hotels (Group) Company Limited, Zhejiang New Century Hotel Management Co. Limited, Jinmao Hotel and Ctrip
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