GTJA stated that the China Tourism Research Institute predicts that in 2024, domestic ice and snow tourism revenue will reach 550 billion yuan, a +58% increase, with 0.4 billion visitors, a +28% increase, and an average spend of 1,375 yuan, a +23% increase. The market is expected to expand rapidly; as the number of ice and snow venues increases rapidly, the scale of ice and snow equipment is also expanding, with 3,331 ice and snow venues in 2023, a +17% increase, an ice and snow equipment market size of 24 billion yuan, a +9% increase, and 2,430 ice and snow related enterprises, a +37% increase. The number of indoor ski resorts has also expanded from 9 in 2014-2015 to 42 in 2021-2022. Meanwhile, large-scale events generate strong externalities, benefiting both local and surrounding areas. Focus on enterprises with scarce ice and snow resources and excellent natural resource endowments.
国泰君安:冰雪游加速渗透,亚冬会外溢可期
GTJA: The ice and snow tourism is accelerating its penetration, and the spillover effect of the Asian Winter Games can be expected.
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