Minsheng International: Golden Week travel shows increase in quantity, stable prices, focus on experiential consumption.

Minsheng International released a research report stating that the consumption and travel during the National Day holiday were impressive, showing characteristics of increasing volume and stable prices. Per capita travel spending remained roughly the same, while the low base period of duty-free shopping and hotel recovery in Hainan's outlying islands were noted. Focus on opportunities for consumer outbound travel, structural opportunities in domestic demand, and high-dividend consumer companies. Companies with the ability to expand overseas will still have greater growth potential, with a focus on export chain brands and manufacturers with advantageous global production layouts. In the domestic demand sector, areas of interest include trendy consumer goods such as themed retail and intellectual properties, outdoor sports, and domestically produced goods with unique fan bases. Key points from Minsheng International are as follows: The Mid-Autumn Festival and National Day holidays in 2025 saw high travel intensity, with increasing volume and stable prices. The combination of the Mid-Autumn Festival and National Day holidays in 2025 led to significant travel demand, with impressive travel data. During the National Day holiday from October 1st to 8th, the daily inter-regional travel volume increased by 6.2% year-on-year, with rail travel up by 2.6%, water travel by 4.2%, and civil aviation by 3.4%. The extended holidays and vacation combination encouraged segmented travel intentions. The Ministry of Commerce monitored a 2.7% year-on-year increase in sales for key retail and catering enterprises during the holiday (compared to a 6.3% increase during the May Day holiday in 2025). On October 8th, Meituan Travel released data showing a 30% year-on-year increase in travel orders during the 2025 National Day holiday. During the National Day holiday, per capita consumption of cultural tourism and air ticket prices remained stable year-on-year, while the average hotel room price rose slightly. During the 8-day holiday of the 2025 National Day, the number of travelers reached 888 million, with a daily average increase of 1.6% and a daily average domestic travel consumption increase of 1.0% year-on-year. Per capita travel spending decreased by 0.6% to 911 yuan. Flight Butler data shows that the average price of domestic airline tickets (economy class) during the 2025 National Day holiday was 849 yuan, a slight increase of 0.3% compared to the previous year; hotel prices benefited from the low base period and the long Golden Week holiday. Consumers during the National Day holiday preferred cross-border travel and experiential consumption, while box office revenue for movies declined compared to the same period. Long-distance travel during the National Day holiday increased in proportion, with keywords such as emotional experience, cross-border travel, and county-level tourism. Data from Ctrip showed a 3% year-on-year increase in long-distance domestic travel orders during the holiday, while Tongcheng data showed that hotel bookings for over 30 counties as destinations increased by over 100% year-on-year. Consumers are pursuing personalized and high-quality travel experiences, leading to an increase in the popularity of small cities with differentiated cultural and landscape experiences. The average number of daily entries and exits during the National Day holiday was 2.043 million people, an increase of 11.5% year-on-year, and the daily international flight volume during the National Day holiday exceeded 2,000 flights, an increase of 11.1% year-on-year. Ctrip data showed that orders for multiple European destinations doubled. During the Golden Week of the 2025 National Day holiday, box office revenue and average ticket prices were lower than the same period, indicating a relatively weak film market during the holiday. This was due to the need to enhance the appeal of films and the limited number of blockbuster films. According to Maoyan Professional Edition, the total box office revenue during the 2025 National Day holiday reached 1.835 billion yuan, a 13% year-on-year decrease compared to the same period last year of 2.1 billion yuan, with a daily average box office revenue decrease of 24% year-on-year, and an average ticket price of 36.6 yuan, compared to 40.4 yuan during the same period last year. Sales of duty-free products in outlying islands of Hainan have significantly rebounded, driven by average selling prices. According to Haikou Customs, during the 8-day National Day holiday, the sales of duty-free products in outlying islands increased by 13.6% year-on-year to 944 million yuan, with a 3.2% year-on-year increase in the number of shoppers to 122,900 people, and a 10% year-on-year increase in the average shopping amount per person to 7,685 yuan, showing a significant rebound compared to the May Day holiday earlier in the year (where the sales of duty-free products in outlying islands decreased by 7% year-on-year to 510 million yuan, with a decrease of 8% in the number of shoppers to 79,100 people).