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China huge economy hotel industry outlook
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China's accommodation industry status With China's economic development and people's living standards, China's hotel industry also developed rapidly in recent years; country hotel accommodation increased from 237,800 in 2003 to grow to 315,900 in 2008, the corresponding Number of rooms increased from 20.1 million to 27.3 million. Over the entire four-star accommodation industry in the "high-end hotel" (most in more than RMB400) accounted for a low number, most of them are the following three weeks of "low-end hotel." National Tourism Administration statistics show that as of 2008 December 31, the number and the corresponding low-end hotel rooms for several years in the proportion of the accommodation sector were 99.3% and 98.1%. For historical reasons, the high-end four-star hotel than most by the International Hotel Group operates, but after 2000 the rapid development in China's economy hotel chain is the command of local enterprises by the Chinese market. Such as home, Jinjiang Inn, 7 Days Inn and Chinese courts, the location for industry-leading companies are Chinese brands, foreign brands only and Ibis Super 8 entered the top ten. Development of Chinese economy hotel Development time is short, fast Chinese economy hotel originated in the 20th century and the new Asia Jinjiang Star (Jinjiang after the acquisition), slow development in previous years, to 2003 period of 5 years development to only 87. After 2003, with the carrying Entrepreneurs, Department of Ji Qi, Zheng Nanyan, who has founded such as home, 7 Days Inn, the Han court and other economic chain hotel brand, the number of China's rapidly growing economy hotel. Relatively small number of industry concentration is low China's economy hotel, especially the economy is still in the hotel in the early stage of development, economy hotels in the lodging industry accounting and industry concentration are very low. Inntie Report 2009 years 10 Month study showed that as at December 31, 2008, the Chinese economy hotel and room number although the number of 2,805 homes and 312,930 respectively, the proportion in the entire industry is only 0.9% and 1.2%. CITIC Securities Industry research shows that the Chinese economy hotel with star hotel in 2000 than the number of 0.34% to 19.66% in 2008, an increase of nearly 60 times 8 years. Help hotels as accommodation industry Rising industry rapid development in recent years; but compared to developed countries, hotels and the number of star hotels 7:1 ratio, the proportion of China's economy hotel also seriously low, relative to the industry, the relative number of economy hotels Also very small. According to statistics of earnings disc, 2009, the Chinese economy hotel in the top ten in the economy hotel market share of 63%, industry leaders such as accounting for 17.3% of the home; industry concentration is relatively low, rendering multi-oligopoly Competitive features, there are many variables in the next pattern. Huge space for development Per thousand urban population in China has branded economy hotel room number is 0.5, while the U.S. is 8.2. China's urbanization rate in 2008 was 46%, is expected to reach 53% by 2020, urban population will grow to 728 million . Societe Generale Securities research report shows that if the scale of domestic tourism, consumer spending will stay, mid-range three indicators measure the number of residential units; if China's per capita trip rate, the per capita number of rooms to an American mid-range Half of the standard, China's current economy hotel industry room supply and nearly 70 times the incremental space. Driven the development of Chinese economy hotel factors China's rapid economic growth driven the development of tourism industry According to the International Monetary Fund data, China is the world's fastest growing economies. 2003-2008, China made 10% of GDP compound annual growth rate; expected from 2010 to 2014 will achieve 10.3% Compound growth rate. And economic development are closely related tourism hotel market is expected to increase along with the business and leisure travel popular and rapidly growing. According to Euromonitor International statistics, China to stay Industry in 2003 and 2008 achieved a compound growth rate of 9.5%. National Bureau of Statistics data showed, from 2001 to 2008 China inbound tourism travel trip of 11.7% achieved a compound growth rate. Frequent business activities of SMEs, the rapid growth of business travel With the rapid increase in the number of SMEs, business travel is to promote economic growth, an important impetus for the hotel. According to ClickZ Network (iResearch) statistics, the number of SMEs in China from 2003 23.6 million increase to 34.5 million, achieving a 10% compound growth; expected from 2010 to 2012 will be 7.3% compound growth rate. Subject to travel restrictions, travel time of employees of SMEs in the general economy wine selection Shop. Chinese economy hotel (China Economy Hotel Survey) 2009 survey; 2008, 42% of economy hotel customers are small and medium business travelers. Increase in disposable income and living the concept of change stimulate domestic leisure tourism development. With the increase in per capita disposable income of paid leave system and the improvement of domestic tourism will continue to grow significantly. Euromonitor International's statistics show that China's average annual disposable household Income of families with more than 5,000 U.S. dollars from 33.8 million in 2003 increased to 134.1 million in 2008, compound growth rate of 31.7%; 2020, that number will grow to 341.4 million, a CAGR of 8.1% is still . 2007, National Bureau of Statistics data show that domestic tourism spending in 2003 from 344.2 billion yuan rose to 777.1 billion yuan in 2007. National Bureau of Statistics data show that for every 100 households in China's car ownership in 2000 from 0.5 in 2007 to 6.1. As car ownership rates have increased, more and more people choose to drive and travel party Type trips; these people usually like their own arrangements for travel routes, when hotels become their preferred accommodation. Summary Overall, China's economy hotel industry in the process of rapid development, the relative number of hotels and industry concentration is relatively low; brands competition is not clear; the future there is huge room for development.