Market Size of Hospitality Industry in China
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 86.66 Billion |
| Market Size (2029) | USD 128.04 Billion |
| CAGR (2024 - 2029) | 8.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Hospitality Market Analysis
The Hospitality Industry in China Market size is estimated at USD 86.66 billion in 2024, and is expected to reach USD 128.04 billion by 2029, growing at a CAGR of 8.12% during the forecast period (2024-2029).
China's hospitality market has grown significantly in recent years. With political and social stability, rapid economic growth, and a vast population base and natural resources, China has lured many multinational hotels, including the world's leading hotel chains, to its potentially huge market. The number of Chinese inbound visitors also has grown to affluent who are traveling more within the country, boosting the growth of the China Hotel Market.
The global value chains have been interrupted because of the production losses in China. Also, China plays an important role in tourism. Chinese tourists spent $277 billion overseas in 2018, 21% of the global spending on tourism. Due to COVID-19, the tourism sector in China has been affected internationally.
The tourism and hotel market share growth in China by the outbound tourism segment will be significant during the forecast period. The market is driven by increasing preference for local and authentic experiences, the growing popularity of the 24-hour visa-free transit rule, and attraction toward ice sports and cruise tourism.
