china hotel performance
Travel & Tourism in China Set to Surpass Pre-Pandemic Levels This Year
The World Travel & Tourism Council | June 6, 2024
Beijing, China: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed today that China’s Travel & Tourism sector is set to inject a record-breaking ¥12.62TN into the national economy by the end of this year. In partnership with Oxford Economics, a world leader in global economic forecasting, WTTC’s latest research shows that domestic travel spend is also set to reach new heights this year – expected to contribute ¥6.79TN into China’s economy in 2024. According to the global tourism body, employment in Travel & Tourism is expected to represent 10.6% of all jobs in the countr...
China Hotel Performance Jumped During Eight-Day-Long Golden Week
CoStar Group | October 23, 2023
Analysis by Jesper Palmqvist and Kelsey Fenerty A later Mid-Autumn Festival created a longer holiday period than last year, combining with National Day festivities to provide impressive improvement in China’s hotel performance. Growth across the country As usual, China created another long national holiday by adjusting working days, leading to a holiday period of 30 September through 7 October before a return to work on the weekend of 8-9 October. Mainland China hotel occupancy over the eight-day holiday period averaged 65.1% and peaked on 2 October (83.1%). Most of the growth came from outside the Tier 1 markets (Be...
Successful May Day Another Sign of China’s Hotel Performance Recovery
STR | May 18, 2023
With long-held COVID restrictions in the rearview, China’s hospitality industry has embarked on a rapid journey to normalcy, which has been fairly successful thus far. Business demand, especially in Tier 1 cities, is hugely important and launched its comeback following the Lunar New Year holiday. Leisure travel, while prevalent on weekends, typically stands out during a select set of longer holidays, including Lunar New Year in the first quarter of the year, May Day in the second quarter, school holidays in the third quarter, and Mid-Autumn Festival and National Day in the fourth quarter. In 2023, the May Day holiday ran on...
Hotel Performance Recovery in China: A Temporary Setback Due to Qing Ming
STR | April 13, 2023
China's hotel industry showed strong recovery in the first quarter of 2023, with domestic travel for both leisure and corporate purposes maintaining a V-shaped trajectory across the country and segments, including provincial and capital levels. As a result, hotel profitability has improved due to the return of demand, a sharp increase in hotel rates, and the industry's ability to manage the new reality of rising costs in labor, energy and logistics. Unfortunately, this year's Qing Ming, also known as Tomb-Sweeping Day, which fell on a Wednesday (5 April), created a sudden stop to the growth recovery. The national holiday runs off...
China Hotels Benefit From First Restriction-Free Lunar New Year in Three Years, More Success On the Way for APAC
STR | February 13, 2023
There was surprise around the globe when China announced the easing of most of its COVID restrictions in December 2022. That meant the end of a zero-COVID policy which had suppressed China hotel industry performance for almost three years. That also meant that January 2023 would feature China’s first Lunar New Year holiday without a lockdown since 2019, and as expected, positive performance developed for this important holiday period in the region. During the seven-day holiday period, starting from Lunar New Year’s Eve on 21 January, China’s hotel average daily rate (ADR) surpassed 2019 levels. Occupancy edged closer to ...
China’s Travel & Tourism Sector Could Reach CNY 11 Trillion This Year, Says WTTC
WTTC | February 22, 2022
London, UK - February 22, 2022 - New research from the World Travel & Tourism Council (WTTC) has revealed China’s Travel & Tourism sector’s contribution to GDP could reach CNY 11 trillion this year, just 5.2% short of pre-pandemic levels. In 2019, before the pandemic struck, China’s Travel & Tourism sector’s contributed CNY 11.5 trillion to GDP (11.6% of the country’s economy). However, in 2020 the pandemic had a major impact on the sector and Travel & Tourism’s contribution to the Chinese economy fell by a staggering 59.9%, to CNY 4.6 trillion. Latest research from the global tourism body shows that as t...
STR: China Hotel Rates Higher Than 2019 Level During Lunar New Year
STR | February 15, 2022
BEIJING — February 15, 2022 — Mainland China’s hotel industry surpassed its 2019 comparable in Lunar New Year average daily rate (ADR) even with substantially lower occupancy, according to preliminary data from STR. The country’s ADR reached CNY766.95 during this year’s holiday period (31 January-6 February), which was 9.6% higher than the pre-pandemic comparable from the festival period in 2019 (CNY699.47). “More significant recovery of ADR aligns with our expectations for this year’s Lunar New Year period, with overall rates driven by the upper classes,” said Christine Liu, STR’s regional manager for North ...
A Quick Overview of China’s July Hotel Performance
STR | August 19, 2021
With the help of summer vacation, Mainland China’s overall hotel occupancy rate showed a good upward trend in July, with the second and third week of the month reaching 2019 levels. Average daily rate (ADR) was even stronger, and when indexed to 2019, remained stable at roughly 110—meaning it was well above 2019 levels. As a result, Mainland China’s revenue per available room (RevPAR) index climbed from 87 at the beginning of the month to 117 by the end. However, with confirmed COVID-19 cases in Nanjing on 20 July, momentum shifted abruptly. The current outbreak has spread to several provinces and cities across the country, result...
