Key facts
- China's hotel room rates did not increase during the National Day 'golden week' holiday.
- Despite a tourism boom, hotel tariffs remained largely unchanged from the previous month.
- Executives and analysts are urging for better asset and revenue management in the hotel sector.
- Hotel bookings increased during the holiday period.
- The average daily hotel occupancy rate nationwide was 63.2% during the first five days of the holiday, a 1.2 percentage point increase year-on-year.
- The average daily room rate was 290.6 yuan, a 2.5% decrease year-on-year.
Hotel room rates across mainland China failed to meet expectations during the recent National Day 'golden week' holiday, despite a significant increase in tourism and bookings. Executives and analysts are calling for improved asset and revenue management strategies to combat pricing pressures.
During the October 1-7 holiday period, hotel tariffs remained largely stagnant compared to the previous month, even as bookings surged. Data from the first five days of the holiday showed a national average daily occupancy rate of 63.2%, a slight year-on-year increase of 1.2 percentage points. However, the average daily room rate decreased by 2.5% to 290.6 yuan compared to the previous year.
This trend occurred despite a notable increase in travel, with mainland arrivals in Hong Kong alone exceeding 1.41 million during the seven-day holiday. The number of online hotel listings also grew by 25.1% year-on-year, indicating increased supply that may have contributed to the lack of rate growth.