Chinese Consumers Tighten Budgets, Hotel Industry Struggles

As China’s economy flounders, Chinese consumers are saving money, leading to a struggling hotel industry, even during the busy holiday season, including October’s National Day week and November’s “Double 11” holiday—also known as Singles Day.

Hotels engaged in a fierce price war after the National Day holiday from October 1 to October 7, deemed “the worst golden week” by some industry professionals. On October 15, travel website C-trip launched a “stock up now, pay later” promotion for Double 11, offering a “Zero Yuan Order” and major…