Continuing the momentum, China dominated the market in 2019, maintaining a YOY growth rate of 10,2 percent, according to GlobalData, a leading data and analytics company.
GlobalData’s industry report: Global Luxury Hotels Market to 2023, reveals that the outlook for the Chinese luxury hotel industry is anticipated to remain positive due to the growing number of inbound and domestic arrivals in the coming years. However, inbound growth in the business segment may be difficult to predict with the ongoing US-China trade war.
Market growth is supported by an increase in demand for wellness retreats, red tourism and glamping. The country accounted for the highest share of luxury hotel rooms in the region in 2018 with 422,561 rooms. The market is expected to offer 658,248 luxury rooms by 2023.
Recent reports indicated that the number of high-net worth individuals (defined as those with personal investible financial assets of six million yuan (USD864,804) or more) in China, is fast approaching one and a half million. This growth of high yielding citizens increases the likelihood that domestic tourism may be contributing to the lion share of revenue yielded by the luxury hotel sector in China.