A comparative study on the market space of hotel industry between China, the United States and Japan From Everbright Securities

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The following is the A comparative study on the market space of hotel industry between China, the United States and Japan From Everbright Securities recommended by recordtrend.com. And this article belongs to the classification: Brokerage Report, Travel booking.

As the birthplace of modern hotels, American hotels have a history of nearly 200 years. Japan combines modern hotels with local culture to form a hotel ecology with oriental characteristics. Although the hotel industry in China, the United States and Japan started at different times and had different cultural attributes, it showed the same development law. China’s modern hotel industry has developed for only 40 years. Compared with the United States and Japan, it is still a short time to enter the stage of integration and optimization. The optimization of product structure and the improvement of competition pattern will become the core driving force of industry growth.

Growth choice: Japanese model vs. American model? After 20 years of rapid development, China’s hotel industry has the largest room size in the world, but the revenue scale is far behind that of the United States.

Behind the slowdown of industry growth is the contradiction between hotel product structure and consumer demand. Under the pressure of cost, the transformation and upgrading of economy hotel is imminent. The United States and Japan are representative countries of mature hotel industry, but the industry concentration is quite different. For Asian countries, modern hotels are “imported”.

China has not only profound traditional hotel culture, but also established modern hotel management system. Through the comparison, we have firmed our judgment on the upgrading trend of industry chain rate and product structure, and the scale expansion potential exists in the second and third tier cities. Growth experience: overseas acquisitions, self owned channels and membership system have made The Globe Hotel giant economic bubble, which has made Japan Miss overseas expansion opportunities. China’s leading hotels group has launched overseas mergers and acquisitions, landing in France and Germany, and promoting the transformation and upgrading of domestic hotel structure by reversing the high-end hotel brand. Facing OTA competitors in the Internet era, its own channels and membership system are the invisible moat of hotel groups. Fortunately, China’s hotel leaders have achieved a catch-up in the construction of membership system.

Growth boundary: in the current development stage, the chain rate and product structure are more important than the channel sinking. According to the calculation, there is 18% room for growth in the number of domestic guest rooms. Assuming that the chain rate of China’s hotel industry reaches the level of the United States, if the product structure maintains the status quo, the domestic hotel market size can reach 1301.3 billion yuan; if the product structure is the same as that of the United States, the domestic hotel market size can reach 1627.6 billion yuan.

In 2019, the turnover of the national hotel industry is only 656.4 billion yuan, and there is still 1-1.5 times space for the growth of market scale in the long run, which is slightly higher than the current income scale of American Hotel Industry (1381.8 billion yuan in 2019). The ceiling of domestic hotel industry is far from coming. Compared with the United States and Japan, it is still a short time to enter the stage of integration and optimization. The optimization of product structure and the promotion of chain rate will become the core driving force of the growth in the next stage. According to our calculation, there is still a 1-1.5-fold growth space for the market scale in the long run.

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