Hotels is expected to maintain double-digit value growth momentum into 2023-2024, as Hong Kong further relaxes its border control to attract inbound tourists back to the city. In line with an expected continuous recovery, value sales of hotels are predicted to recover to pre-pandemic levels by 2024 (at constant 2022 prices), driven by recovery in occupancy and average daily room rates.
Moving forward, hospitality players are expected to focus on reducing costs to improve profitability, especially in Hong Kong with an unstable outlook in terms of shifts in the consumer landscape and the recovery of leisure tourism and business travel. Considering high labour costs, it is logical to expect hotels to utilise automation and technology to reduce overheads going forward, and the first touchpoint to undergo transformation is likely to be at the front desk.
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Understand the latest market trends and future growth opportunities for the Lodging (Destination) industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Lodging (Destination) industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Lodging (Destination) covers the main types of lodging used by inbound and domestic tourists, providing a destination point of view (also known as point of supply). Lodging value is measured in terms of the price paid for lodging by the consumer and businesses based on total room sales. It does not include food and drinks or any other form of revenue that is not directly related to lodging, such as events and conferences and guest services, such as gym, spa, shop, room service, restaurant and café. Lodging volume is measured in terms of number of outlets and rooms at year end, and room nights as total of the full year.See All of Our Definitions
This report originates from Passport, our Lodging (Destination) research and analysis database.
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