Travel Accommodation in China - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-21 02:11:02
The relatively gloomy global economic outlook towards the end of the review period and the unresolved European sovereign debt crisis had a negative influence on the operations of many businesses around the world during 2012, leading many companies to tighten their travel budgets. Travel accommodation in China was also hit hard, as the number of business guests staying in the country´s hotels declined. Even though the number of domestic tourism trips in China increased by 12% during 2012, value growth in travel accommodation overall continued to slow down. The 9% current value growth recorded in travel accommodation in China during 2012 was considerably lower than the 13% current value growth recorded in the category during 2011.
InterContinental Hotels Group Plc maintained the flimsiest of leads in the highly fragmented category of hotels in China in 2012 with a 3% value share. Having adopted a multi-brand strategy in China, during 2012 InterContinental officially unveiled its China-tailored brand Hualuxe Hotels and Resorts. This new brand aims to cater specifically to high-end Chinese consumers. This line of hotels is set to concentrate mainly on developing in China´s second-tier and third-tier cities in order to complement the company´s current hotels, the majority of which are located in China´s first-tier cities. The first Hualuxe Hotel is expected to open for business by the end of 2014, at the latest.
Travel accommodation is expected to increase in constant value at a CAGR of 7% over the forecast period, with this growth set to be driven mainly by the stable demand for travel accommodation among corporate business travellers, although rising domestic leisure tourism is also set to play a role. Domestic leisure tourism is estimated to make substantial contribution to the steady growth anticipated in travel accommodation during the forecast period thanks to rising disposable income levels and ongoing improvements in the living standards of average Chinese consumers.
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