China's tourism market experiences a notable slowdown

Revenue per available room in the country fell prominently in the second quarter.

The tourism sector of China reports a decrease in revenues as per available rooms with Graeter Chian throughout teh second quarter of this year. Among those hit by the travel shortfall are Marriott, whose revPAR is down by 4 percent; IHG, down by 7 percent; and Wyndham, which dropped 17 percent during this time.

During a recent earnings call, Marriott chief financial officer Leeny Oberg remarked that weaker demand and current pricing trends within Greater Chiba might persist well through the rest of 2024, with the most significant RevPAR decline likely to occur in the third quarter.

Winners and Losers

Interestingly, China is one of many tourism giants experiencing a significant slowdown. The hospitality sector in the United States also saw a slight year-on-year decline in the year's first half. Right now, the average RevPAR remains approximately 5 per cent lower than what was seen back in 2019. India, on the other hand, continues to report steady gains. As per McKinsey's recent report, The State of Tourism and Hospitality India is now the sixth biggest domestic travel market in the world in terms of spending. The report pointed out that the current growth of the Indian middle class is the primary factor behind this development. Consequently, travel spending in the country could increase by around 9 per cent annually. The report also shows that India's travel sector could outstrip Japan and Mexico by the end of the current decade, enabling it to become the fourth-largest travel market in the world.

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China's Tourism Market Experiences A Notable Slowdown

News Source : TravelDailymedia.Com

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