Dublin, December 6, 2021 (GLOBE NEWSWIRE) – The “China Hospitality Market Forecast 2021-2027, Industry Trends, Share, Overview, Growth, Impact of COVID-19, Business Analysis of Opportunity” the report was added to ResearchAndMarkets.com offer.
Chinese hotel market expected to reach $ 131.15 billion by 2027, up from $ 57.62 billion in 2020
China was the first country hammered by the health crisis (COVID-19), so the Chinese hospitality industry was the first to see the result. With strict travel constraints in various parts of mainland China, hotel business has been highly phased in the absence of incoming tourists in 2019.
However, in the year 2020, China has seen turbulence for the Chinese hotel industry from dark moment to bright moment. Although the current international epidemic situation is still serious, the country has entered a phase of normalization of epidemic prevention.
Consumers prefer online hotel booking to offline support
Notwithstanding, in China, By Ordering Platform, the market constitutes the online hotel market and the offline hotel market. The online hotel market targets different groups of consumers with different behaviors with an offer adapted to their requirements and their budget. With the advancement of technology, the online hospitality market is skyrocketing at a rapid rate.
On the other hand, COVID-19 has accelerated the digitization of the travel agent model; creating more store closures as in-store agencies switch their operations online, causing the nation’s offline hotel reservation market to fall
According to this report, post-COVID-19 recovery, Chinese hospitality industry will increase with double-digit CAGR of 12.47% during the period 2020-2027
By type of hotel, the Chinese hotel market is structured around high-end hotels, mid-range hotels, budget hotels and luxury hotels. Looking at the dynamics of the hospitality industry in the midst of the pandemic, hotels at budget and upper mid-scales are more resilient to the recovery. Budget hotels and upper-mid-scale primarily providing local services were more prone to recovery than post-COVID policies, and people couldn’t travel too far from home.
Therefore, the overall recovery effect is the best when combined with the increase in surrounding tours. However, mid-range hotels are benefiting significantly from the resumption of meeting, incentive, conference and exhibition (MICE) services in China as they offer affordable prices and quality services during the pandemic.
Although the pandemic has hit the hospitality industry hard all over the world, but with large-scale vaccination, the Chinese hotel industry is gradually recovering. The impact between cities has been uneven. For example, among cities in China, Beijing due to the pandemic, the number of international visitor arrivals dropped in 2020. Therefore, in 2020, the average occupancy rate of five-star hotels in Beijing has significantly increased. decreased in 2019.
Likewise, in Shanghai, international visitor arrivals fell sharply in 2019 compared to 2020 figures. Business travelers accounted for the lion’s share of total visitor arrivals due to strict quarantine restrictions in Shanghai. the entrance. The average occupancy rate of five-star hotels in 2020 plunged to its lowest point, especially in February and March. It was also the first time in the past four years that the ADR of five-star hotels had dropped.
On the road to recovery: Chinese hotel market in the second half of 2020
However, things started to change in the second half of 2020, compared to the rest of the world. The local tourism market rebounded steadily in the second half of 2020, stimulating the recovery of the hotel sector. Even though the pandemic is affecting the whole world, luxury hotels have been opened in Shanghai in 2020.
In addition, new luxury hotels were opened in Beijing in the second half of 2020. US-based Hilton hotels resumed their rapid expansion in China even during the pandemic. In addition, the group opened two high-end hotels in Beijing in 2020: The Hilton Beijing Daxing and the Hilton Beijing TongzhouBeitou
Therefore, it can be concluded that although the COVID-19 pandemic has caused devastating disruption in the travel and hospitality industry across China, resulting in unprecedented economic and social consequences. Since the second half of 2020, the hotel market in China has shown signs of gradual recovery.
Performance of key hotels in China
The major players in the Chinese hotel market studied in the report are Huazhu Hotels Group Ltd, Zhejiang New Century Hotel Management Co. Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Jinmao Hotel and Ctrip.
The industry is expected to expand with several new openings, mergers and acquisitions, which will improve market value and generate more revenue
Main topics covered:
2. Research and methodology
3. Executive summary
4. Market dynamics
4.1 Growth drivers
5. Chinese hotel market
6. Market share – Analysis of hotels in China
6.1 By hotel type
6.2 Via the control platform
7. Hotel type – Chinese hotel market
7.1 Upscale hotel
7.2 Mid-range hotel
7.3 Budget hotel
8. Ordering platform – Chinese hotel market
8.1 Hotel online
8.2 Offline hotel
9. Beijing – Five-star hotel status
9.1 Average daily room rate (ADR)
9.2 Occupancy rate
9.3 Parts inventory
9.4 International visitors in town
10. Shanghai – Five star hotel status
10.1 Average daily room rate (ADR)
10.2 Occupancy rate
10.3 Parts inventory
10.4 International visitors in town
11. Guangzhou – Five star hotel status
11.1 Average daily room rate (ADR)
11.2 Occupancy rate
11.3 Parts inventory
11.4 International visitors in town
12. Shenzhen – Five star hotel status
12.1 Average daily rate (ADR) of the room
12.2 Occupancy rate
12.3 Parts inventory
12.4 International visitors in town
13. Hong Kong – Five Star Hotel Status
13.1 Average daily room rate (ADR)
13.2 Occupancy rate
13.3 Parts inventory
13.4 International visitors in town
14. Macau – Five Star Hotel Status
14.1 Average daily room rate (ADR)
14.2 Occupancy rate
14.3 Parts inventory
14.4 International visitors in town
15. Mergers and acquisitions
16. Business analysis
16.2 Recent initiatives
16.3 Hotel revenues
- Huazhu Hotels Group Ltd
- Zhejiang New Century Hotel Management Co. Limited
- Shanghai Jin Jiang International Hotels (Group) Company Limited
- Jinmao Hotel
For more information on this report, visit https://www.researchandmarkets.com/r/il7nol