Benefiting from the extended holidays, visa-free policy incentives, subsidy measures, and the rise of emotional consumption, the three major tourism markets during the Spring Festival performed well, with airfare and hotel prices rising in tandem. The high level of tourism activity continued.
According to Zhitong Finance APP, Everbright Securities issued a research report stating that during the Spring Festival holiday in 2026, the volume of cross-regional personnel movement across society is expected to reach a new high. Passenger volumes for civil aviation, railways, and water transport all achieved year-on-year growth. Notably, AI technology is gradually being integrated into the entire process of tourism decision-making, booking, and experience, enhancing consumer convenience and scenario connectivity. Within two days of the launch of the Qwen Spring Festival promotion, AI bookings for attraction tickets, air tickets, and hotels increased by 22 times, more than 7 times, and more than 2 times respectively on a month-over-month basis. Air tickets and hotel products with higher average order values performed beyond expectations. On the other hand, the Spring Festival cross-border tourism market achieved high growth in both outbound and inbound travel, with continuous optimization of destination structures.
The main viewpoints of Everbright Securities are as follows:
The tourism market during the Spring Festival holiday maintained high prosperity, showing characteristics of 'volume and price increases alongside structural optimization'.
During the Spring Festival holiday in 2026, the volume of cross-regional personnel movement across society is expected to reach a new high. Passenger volumes for civil aviation, railways, and water transport all achieved year-on-year growth, with water transport particularly standing out due to factors such as cruise sightseeing and Hainan's customs closure. The hotel market saw increases in both volume and price. According to Fliggy platform data, the number of hotel room nights booked during the Spring Festival holiday increased by 75% year-on-year, and the average number of nights booked per person at high-star hotels was close to three nights, indicating a certain trend of consumption upgrading. Hotel prices in some popular tourist cities saw significant increases. Influenced by phased travel patterns of 'family reunion first, vacation later,' there was a certain degree of year-on-year increase in airfare prices during the Spring Festival travel rush, with supply and demand for popular routes remaining tight.
Both traditional and niche domestic destinations gained popularity, with AI driving the connectivity of consumption scenarios.
The domestic tourism market remained highly active in the Spring Festival of 2026, with Fliggy platform recording a record high in domestic tourism orders. The average booking amount per person increased by approximately 10% year-on-year.
Tourists pursued classic experiences at traditional tourist destinations while also favoring unique offerings at niche destinations, showcasing a trend towards diversified domestic tourism experiences. Traditional scenic spots performed well; for example, the core scenic areas under Xiangyuan Culture and Tourism received 264,500 visitors in the first four days of the Spring Festival holiday, representing a 20% year-on-year increase. Revenue from attractions such as Huanglong Cave and Bailong Elevator in Zhangjiajie, Hunan; Phoenix Ancient Town; Mount Qiyun in Anhui; and Bifeng Gorge in Sichuan grew by 79%, 43%, 31%, 56%, and 27% respectively, with Mount Qiyun's revenue reaching a record high. Changbai Mountain Scenic Area received 38,900 visitors in the first four days of the holiday, marking a 77.47% year-on-year increase.
AI technology is gradually being integrated into the entire process of tourism decision-making, booking, and experience, enhancing consumer convenience and scenario connectivity. Within two days of the launch of the Qwen Spring Festival promotion, AI bookings for attraction tickets, air tickets, and hotels increased by 22 times, more than 7 times, and more than 2 times respectively on a month-over-month basis. Air tickets and hotel products with higher average order values performed beyond expectations.
The benefits of Hainan's customs closure were realized, with duty-free shopping in Hainan reaching 1.38 billion yuan and 177,000 shoppers between February 15-19, representing year-on-year growth of 19% and 24.6%, respectively. The average spending per shopper was 7,797 yuan, a slight decrease of 4.5%. Between February 15-21, Macao received 1.212 million visitors, averaging 173,000 daily visitors, which was a 5.4% increase compared to last year’s Spring Festival Golden Week daily average of 164,000 visitors. Benefiting from the growth in visitor numbers, Macao's gambling industry during the Spring Festival is expected to perform well.
Outbound and inbound tourism flourished, with continuous optimization of destination structures.
The cross-border tourism market during the Spring Festival of 2026 achieved high growth in both outbound and inbound travel. Outbound tourism focused on Southeast Asia, while long-haul destinations showed significant growth. Inbound tourism benefited from visa-free policy dividends and the appeal of Chinese culture, exhibiting features of 'volume and price increases alongside diversified destinations,' becoming an important highlight of the Spring Festival tourism market.
Outbound tourism: Data from Trip.com shows that the top five outbound tourism destinations during the Spring Festival holiday were Bangkok, Hong Kong (China), Seoul, Singapore, and Kuala Lumpur. Long-haul outbound tourism on the Tongcheng platform saw significant growth, with hotel bookings in Italian cities like Milan increasing by over 200% year-on-year. Families were the main drivers of long-haul outbound travel during the Spring Festival. Additionally, due to the impact of Sino-Japanese relations, there was a decline in tourism to Japan.
Inbound tourism: Tourists demonstrated strong spending power, bringing significant economic benefits to their destinations. On February 17, Beijing received 15,000 inbound tourists, an increase of 37.1% year-on-year, generating tourism revenue of 160 million yuan, up 51.8% year-on-year. From February 15 to 21, Shanghai border inspection authorities processed a total of 62,000 inbound foreign tourists, 52% of whom benefited from visa-free policies. Inbound tourism destinations exhibited a diversified pattern characterized by 'core city leadership and niche city emergence.' According to data from Trip.com, popular inbound tourism destinations during the Spring Festival holiday included first-tier and provincial capital cities such as Shanghai, Beijing, Guangzhou, and Chengdu. Meanwhile, some lower-tier cities attracted large numbers of inbound tourists due to unique cultural resources. Data from Qunar shows that from February 15 to 17, international flight bookings to Datong in Shanxi Province surged by 7.4 times year-on-year.
Investment advice
Benefiting from extended holidays, visa-free policy incentives, subsidy programs, and the rise of emotional consumption, all three major tourism markets performed well during the Spring Festival holiday. Both airfares and hotel prices rose significantly, continuing high tourism activity levels. The outlook for service-oriented consumption investment opportunities throughout the year remains positive. Recommended stocks include: 1) Hotels: Jinjiang Hotels (600754.SH), BTG Hotels (600258.SH); Online Travel Agencies (OTA): Trip.Com (09961), Tongcheng Travel (00780).
Risk Warning
Risks associated with policy regulation changes, force majeure events such as natural disasters, intensifying industry competition, geopolitical risks, and impacts on consumer demand due to macroeconomic downturns.
