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China's tourism consumer market is coming back with favorable timing, location, and people. Which areas are worth paying attention to in the future?
Recently, the government has introduced a series of major policies aimed at stimulating economic recovery, with a focus on stimulating consumer spending. And within consumer spending, tourism consumption is a key sector.
Domestic Tourism Spending in China Rises 6% During National Day Holiday
China Merchants Securities: Slight increase in National Day travel, volume increase, price stability, and trend towards improvement.
China Merchants Securities released research reports stating that during the 2024 National Day holiday, domestic tourism visits increased by 5.9% year-on-year, domestic tourism revenue increased by 6.3% year-on-year. Overall, domestic income and visits during the National Day period are steadily improving. The average travel expenditure per person has already approached the level of the same period in 2019, and the overall travel data meets market expectations.
China International Capital Corporation: Significant year-on-year growth in various consumer data during the National Day holiday, with impressive performance in categories such as household appliances, gold, and jewelry.
In 2024, the consumer data for the "Golden Week" have been successively released. Overall, with the strong support of national policies to promote consumption and stabilize the economy, various consumption data during the Golden Week have shown significant year-on-year growth, and also improved compared to the previous period.
National Day travel prices are easing! Domestic and international air ticket prices have dropped by about 20%, with the prices of outbound tours from travel agencies down by nearly 30% year-on-year.
①Several travel agencies have stated that travel prices during this year's National Day holiday have significantly decreased. Some travel agencies have reported a 20-30% drop in overall outbound travel prices, while OTA platforms show a 20% year-on-year decrease in domestic and international flight prices; ②The civil aviation market has added more flights, with some routes for the National Day holiday by Southern Airlines being sold out in advance, and Eastern Airlines reporting ticket bookings exceeding 70% for multiple National Day departure routes as of September 28.
TU YI HLDG: 2024 Interim Report
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