Home > > China hotel market & forecast to 2023 by hotel type

China hotel market & forecast to 2023 by hotel type

07/01/2019| 1:39:53 PM|

The China hotel market is expected to be USD 136 billion (yuan 938 billion) by the end of the year 2023.

With political and social stability, rapid economic growth, and the vast population base and natural resources, China have lured many multinational hotels, including the world’s leading hotel chains to its potentially huge market.

With an estimated nearly 130 million of annual tourists arrival by the year 2020, the People’s Republic of China will be the world’s number one tourist destination; offering significant opportunities to the China Hotel Industry. Also; the number of Chinese inbound visitors also has grown affluent who are traveling more within the country also boosting the growth of China Hotel Market. According to the publisher, the China Hotel Market is expected to be USD 136 Billion (Yuan 938 Billion) by the end of the year 2023. 

Growing China’s economy is encouraging more internal business travel, and these travelers need a hotel for their accommodation. Concomitantly, the Chinese government has also boosted holiday travel by releasing travel restrictions and further has introduced a five day work week, which offers generous vacation time. China Hotel Market is expanding further to meet the growing demand from both domestic and international travelers.

China’s own hotel companies are comparatively small and immature when compared to foreign multinational companies. So, these domestic companies are increasingly acquiring hotel management contracts from foreign multinational hotel companies to get higher brand recognition and more profound local expertise to serve visitors better. 

China Hotel Market is expected to be driven by holiday, business travel and country’s increasing popularity as one of the best MICE (Meetings, Incentives, Conferences, Exhibitions) destination over the forthcoming years.

The report titled “China Hotel Market & Forecast by Type (High End, Mid Scale, Budget), Platform (Online, Offline), City (Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Chengdu, Tianjin), Hotel (Huazhu Hotels Group Ltd, Zhejiang New Century Hotel Management Co. Shanghai Jin Jiang International Hotels (Group) Company Limited, Jinmao Hotel, Ctrip ) Numbers (Up-Scale Hotel, Mid-Scale & Budget Hotel, Total)” provides a complete analysis of Chinese Hotel Market. 

By Hotel Type - Mid Scale Hotel Market Dominates in the China Hotel Market

The report studies the market of the following hotel segments: High End, Mid Scale & Budget. Midscale hotel controls the largest market share in this market place.

By Platform - Online Hotel Booking Market is steadily Growing 

In the China hotel market, the online hotel booking market is steadily growing. This report covers two types of ordering platform: online and offline. It is predicted that by 2023, the online hotel market will grow tremendously. 

By Hotel Volume

The report studies China total hotels present and future volume. This report also provides the details of the hotel volume on the basis of budget type: Up-Scale hotel & Mid-Scale & Budget hotel. Mid-Scale & Budget hotel dominates in this market place. 

By City - China Hotel Market

This report covers five-star hotels status in the following cities: Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Chengdu and Tianjin. Each city provides the following details: room average daily rate (ADR), revenue per available room (RevPAR), occupancy rate, room stock, and international visitors in the city. 

Hotel Analysis

Huazhu Hotels Group Ltd, Zhejiang New Century Hotel Management Co. Shanghai Jin Jiang International Hotels (Group) Company Limited, Jinmao Hotel, Ctrip has been studied thoroughly in the report.

Read Original Article

TAGS: hotel
©2021 广州力矩资讯科技有限公司 粤ICP备06070077号
Tell us more about yourself!