2023 Hospitality Industry Market Status and Future Development Analysis

With the development of social globalization, the rapid development of tourism industry drives the development of hospitality industry, and the market outlook of hotel supplies industry will be optimistic up to 2023. This article will systematically and comprehensively analyze the current market situation and future development trend of the hotel supplies from the aspects of industry size, profit situation, market competition, technological update, supply chain analysis, consumption trend, and international trade.

(1) Industry Scale

According to the National Bureau of Statistics,as of 2018, the gross domestic product of China's hotel products reached 1,630.55 billion yuan, a year-on-year growth of 14.3%, while the total retail sales of consumer goods amounted to about 2,322.1 billion yuan, a year-on-year growth of 13.9%. At the same time, this also helps to pull the development of the hospitality industry, which means that the industry has remarkable results in a variety of socio-economic aspects.

(2) Profit situation

Profit is one of the major drivers for the growth of the hospitality industry. As of 2018, the total profit of the industry was about 117.25 billion yuan, accounting for 70.2% of the total profit, an increase of 16.4% year-on-year. Due to the rapid technological updates, higher product quality and cost-effectiveness, and lower production costs, which resulted in considerable gains, this is an important driver for the future development of the hospitality industry.

(3) Market Competition

China's hospitality industry has been emphasized by major groups and government departments. Compared with the increasingly fierce competition in the domestic market, the competition in the overseas market is also becoming more and more intense, and many leading international enterprises are accelerating their entry into the Chinese market. They have advanced technology and management mode, which can pose great pressure on China's hospitality industry and make Chinese enterprises face more intense competition.

(4) Technology Renewal

As the relevant enterprises are seizing the development trend of international new technology, the implementation of technological transformation, the implementation of intelligent equipment can greatly improve product performance, shorten the cycle of equipment manufacturing; in order to maintain the competitive advantage of the enterprise, many hospitality companies are committed to intelligent and information-based industry, the implementation of image recognition, automatic testing and automation equipment, etc., the pursuit of a new level of enterprise technology.

(5) Supply Chain Analysis

The supply chain of the hospitality industry includes R&D, procurement, manufacturing, delivery, sales and after-sales service, and relies on a multifunctional network system to realize synergistic advancement and mutual coordination to continuously improve the efficiency of the supply chain and enhance the overall value play of the industry. It is expected that in 2023, the intelligence of the supply chain will be further improved, the automation of the logistics system will be further perfected, and the coverage of the application of artificial intelligence technology and other advanced technologies will be deepened, so as to ensure the sustainable development of the hospitality industry.

(6) Consumer Trends

With the improvement of living standards, the demand of the consumer side is also changing, more consumers choose to first consider the quality, appearance and function of the product, each transaction as a kind of mass cultural consumption, the pursuit of the ultimate life of taste, sophistication, portability and comfort on a more complete requirements. And in 2023, due to the improvement of people's living standard, the consumption of hotel supplies will develop towards higher grade and larger scale.