Hotel trends | Hospitality industry analysis

Development Trends of China’s Hotel Industry

1.The “golden age” of China’s hotel industry has arrived

On the eve of 2015, the hotel industry experienced a long downturn. Before 2007, the hotel industry was in a period of rapid expansion, with the growth rate of new stores reaching more than 90%. However, after 2011, the store expansion rate of limited service hotels has been declining, and the overall store growth rate fell to the lowest point in the past decade in 2016. In addition, the rate of hotel openings has also dropped sharply, dropping to 49% in 2012, and then continuing to hover around 50%. RevPAR, which can best measure the hotel’s core business indicators, fell to the bottom in 2015 and then rebounded. The rebound of RevPAR and the slowdown of hotel openings indicate that the revenue growth of the hotel industry has transitioned from relying on opening new stores to the stage of single-store revenue growth. This also means: the “golden age” of China’s hotel industry has come.

2.The speed of hotel openings has slowed down and supply has slowed

The growth rate of supply has slowed down significantly, and the growth rate will remain low in the future. We can say that from the perspective of supply, the domestic hotel industry is already in the middle and late stages of recession. Statistics show that the CAGR of my country’s hotel supply from 2013 to 2016 was 3.49%, which was 4.28% lower than that in 2003-2012. In the next 5 years, the growth center of hotel supply will further decline. The completed area of domestic hotel buildings began to show negative growth in 2014. In 2015, the completed area was 31.43 million square meters, a decrease of 1.16% from 2014.

3.The younger consumer group and the consumption upgrade of the new middle class drive demand

In 2016, China’s tourism revenue was 4.69 trillion yuan, of which domestic tourism revenue was 3.94 trillion yuan, accounting for more than 6% of GDP. In 2016, the number of domestic tourists reached 4.578 billion, and the compound annual growth rate of domestic tourists from 2006 to 2016 reached 12.6%. The hotel industry has benefited significantly. Data shows that the growth rate of demand for hotel rooms in my country has been slower than the growth rate of supply since 2014, and the ratio of demand to supply has increased steadily. All this benefits from a special group-the new middle class. The middle class of the new era is the young middle class born in the new era of accelerated changes, born in the 80s, 90s and even 95s. They pay more attention to the quality of life, spiritual (cultural) consumption, personal interest cultivation, healthy life, smart technology and other aspects. Willing to be, willing to enjoy, and enjoy immediately. Most of them love to travel, and will choose hotels with more design and experience. This is also an important reason for the rising demand for hotels.

4.The market has chosen mid-range hotels as the main force in the future

“We opened 528 stores in the first three quarters of this year, of which 60% were mid-to-high-end. We will open more than 650 stores next year, and the proportion of mid-to-high-end will be even higher.” China Lodging Hotel Group held at the end of 2017 At the financial report conference, Chairman Ji Qi told investors. High-end consumption sinks, mass consumption is mid-range, and mid-range hotels benefit from this. In recent years, my country’s policy of restricting the consumption of the public spending has caused the customers of the original high-end hotels to sink to the mid-end hotels. As the living standards of residents rise, mid-range hotels are becoming more and more popular in the context of consumption upgrades. Affected by the rapid development of the tourism industry, the hotel as a sub-sector has benefited a lot.

5. The industry giants stand together, characteristic homestays blossom everywhere

In addition to the strength of overseas hotel giants in high-end hotels, after a series of vertical and horizontal integration, the current domestic mid-range and budget hotels have formed a triad of Jinjiang, BTG Homeinns and Huazhu. Potential. In just two years, the domestic “Big Three” market share has rapidly increased from 34.3% to 44.1%, which is close to the concentration level of the United States. While the Chinese hotel industry giants are busy merging, expanding, and deploying mid-range hotels to seize the industry opportunities brought by cancellation fee upgrades, the global hotel industry is also facing changes brought about by the times and technological development. The cooperation and competition between OTA and hotel groups is a subject of maintaining a delicate balance.

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