China Hotel Market Forecast Report 2021: Post-COVID-19 Recovery, the Industry will Grow with a Double Digit CAGR of 12.47% During 2020-2027
DUBLIN, Dec. 6, 2021 /PRNewswire/ -- The "China Hotel Market Forecast 2021-2027, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
China Hotel Market is expected to reach USD 131.15 Billion by 2027, from USD 57.62 Billion in 2020
China was the first country hammered by the health crisis (COVID-19), so the China Hotel Industry was the first to see the outcome. With strict travel constraints in various parts of the Chinese mainland, the hotel business was severely staggered in the absence of inbound tourists in 2019.
However, during the year 2020, China saw turbulence for China hotel industry from the dark moment to the glowing moment. Though the current international epidemic situation is still severe, the country has entered a normalization stage of epidemic prevention.
Consumers Preferring Online Hotel Booking over Offline Medium
Notwithstanding, in China, By Ordering Platform the market constitutes Online Hotel Market and Offline Hotel Market. The online hotel market targets various consumer groups with different behaviour types with an offer that equates to their demands and budget level. With the progression in technology, the online hotel market is soaring at a fast pace.
On the other hand, COVID-19 has accelerated the digitization of the travel agent model; creating more shop closures as in-store agencies switch operations online, creating the downfall of the country's offline hotel booking market
As per this report, post-COVID-19 recovery, the China Hotel Industry will grow with a double digit CAGR of 12.47% during 2020-2027
By Hotel Type, the China Hotel Market revolves around High-End Hotel, Mid-Scale Hotel, Budget Hotel and Luxury Hotel. By reviewing the hotel industry dynamics amidst the pandemic, hotels in budget and mid-upper scales are more resilient to recovery. The budget hotels and mid-upper scales mainly provide local services were more prone to recovery than post-COVID policies, and people could not travel too far away from home.
Therefore, the overall recovery effect is the best when combined with the rise of surrounding tours. However, Mid-Scale hotels benefit a considerable amount from the recovery of meeting, incentive, conference and exhibition (MICE) services in China because they offer affordable prices and quality services during the pandemic
Although the pandemic has hit hard in the hospitality industry worldwide, but with the large-scale vaccination, China hotel industry is gradually recovering. The impact among cities was uneven. For instance, among the cities in China, in Beijing because of the pandemic, the number of international visitor arrivals plummeted in 2020. Consequently, in 2020, the average occupancy rate of five-star hotels in Beijing dropped significantly in 2019.
Similarly, in Shanghai, international visitor arrivals decreased sharply in 2019 compared to the figures of 2020. Business travellers gained up the lion's share of total visitor arrivals because of stringent entry quarantine restrictions. The average occupancy rate of five-star hotels in 2020 plunged to the lowest, especially in February and March. It was also the first time in the past four years that the ADR of five-star hotels dropped
Road to Recovery: Second Half of 2020 China Hotel Market
However, things started to change in the second half of 2020, compared to the rest of the world. The local tourism market steadily rebounded in the second half of 2020, boosting the recovery of the hotel sector. Even though the pandemic affects globally, luxury hotels were opened in Shanghai in 2020.
Also, new luxury hotels were opened in Beijing in the second half of 2020. The US-based Hilton Hotels recommenced its quick expansion in China even during the pandemic. Moreover, the group opened two upscale hotels in Beijing in 2020: The Hilton Beijing Daxing and the Hilton Beijing TongzhouBeitou
Hence, it can be concluded that although the COVID-19 pandemic has caused devastating disruption to the travel and hospitality industry across China, leading to unprecedented economic and social consequences. Since the second half of 2020, the hotel market in China has shown signs of recovery gradually.
Key Hotels Performance in China
The key players in China 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 enhance the market value and result in more revenue generation
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
4.3 Opportunities
5. China Hotel Market
6. Market Share - China Hotel Analysis
6.1 By Hotel Type
6.2 By Ordering Platform
7. Hotel Type - China Hotel Market
7.1 High End Hotel
7.2 Mid-Scale Hotel
7.3 Budget Hotel
8. Ordering Platform - China Hotel Market
8.1 Online Hotel
8.2 Offline Hotel
9. Beijing - Five Star Hotel Status
9.1 Room Average Daily Rate (ADR)
9.2 Occupancy Rate
9.3 Room Stock
9.4 International Visitors in City
10. Shanghai - Five Star Hotel Status
10.1 Room Average Daily Rate (ADR)
10.2 Occupancy Rate
10.3 Room Stock
10.4 International Visitors in City
11. Guangzhou - Five Star Hotel Status
11.1 Room Average Daily Rate (ADR)
11.2 Occupancy Rate
11.3 Room Stock
11.4 International Visitors in City
12. Shenzhen - Five Star Hotel Status
12.1 Room Average Daily Rate (ADR)
12.2 Occupancy Rate
12.3 Room Stock
12.4 International Visitors in City
13. Hong kong - Five Star Hotel Status
13.1 Room Average Daily Rate (ADR)
13.2 Occupancy Rate
13.3 Room Stock
13.4 International Visitors in City
14. Macau - Five Star Hotel Status
14.1 Room Average Daily Rate (ADR)
14.2 Occupancy Rate
14.3 Room Stock
14.4 International Visitors in City
15. Mergers and Acquisitions
16. Company Analysis
16.1 Overviews
16.2 Recent Initiatives
16.3 Hotel Revenue
- Huazhu Hotels Group Ltd
- Zhejiang New Century Hotel Management Co. Limited
- Shanghai Jin Jiang International Hotels (Group) Company Limited
- Jinmao Hotel
- Ctrip
For more information about this report visit https://www.researchandmarkets.com/r/19g8q
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