China Hotel Market has grown significantly in recent years and is expected to continue to do so during the forecast period as well. 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 travelling more within the country also boosting the growth of China Hotel Market. According to Renub Research 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 travellers 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 travellers. 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.
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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. Mid scale hotel controls the largest market share in this market place.
By Platform – Online Hotel Booking Market is steadily Growing
In the China hotel market, online hotel booking market is steadily growing. This report covers two type of ordering platform: online and offline. It is predicted that by 2023, 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 dominate in this market place.
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