China Hotel Market to grow at a CAGR of 12.47% from 2021–2027

The China hotel industry is comparatively less affected by the COVID-19 pandemic during 2020, as the market shifted from International to domestic travellers.
By: Renub Research
ROSWELL, Ga. - Jan. 27, 2022 - PRLog -- 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.

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.

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