From 2013 to 2023, the business revenue of hotels and catering services in China exhibited steady growth with fluctuations. In 2023, it stood at 11.88 hundred billion Yuan Renminbi. The past decade saw notable year-on-year variations, peaking with a 28.58% increase in 2021 and a sharp decline of 14.07% in 2020 due to the COVID-19 pandemic. The compound annual growth rate (CAGR) for the last five years averaged 4.18%, reflecting resilience despite economic challenges.
Future projections from 2024 suggest a slower yet steady growth trend, with a five-year forecast CAGR of 2.81% and an overall growth rate of 14.85% by 2028. This indicates a maturing market that is stabilizing post-pandemic.
Trends to watch for in the future include the rise of digital transformation within the hospitality sector, increasing domestic tourism, and the impact of sustainable practices on business operations. The ongoing economic reforms in China may further influence the revenue patterns in this industry.
