Core Viewpoint - Citigroup's report indicates that the Ministry of Culture and Tourism forecasts 142 million domestic tourist trips and revenue of 84.79 billion yuan during the three-day New Year holiday in 2026, representing a compound annual growth rate of 2.6% and 3.1% respectively compared to the three-day holiday in 2024 [1] Group 1 - The average spending per person is recorded at 597 yuan, which is a 1% decrease compared to the 2024 level [1] - Citigroup believes that domestic travel performance during the New Year is stable, while cross-border travel shows robust growth [1] - The upcoming Spring Festival is expected to be more significant, with a strong performance anticipated due to a nine-day holiday in 2026, one day longer than in 2025 [1] Group 2 - Citigroup maintains a "buy" rating for Trip.com and Tongcheng Travel [1]

Group 1 - The central economic work conference in 2025 prioritizes "boosting consumption and improving investment efficiency, comprehensively expanding domestic demand" as a key task [3] - A comprehensive package of consumption-boosting policies has been continuously enhanced from the central to local levels, including a special long-term bond fund of 300 billion yuan allocated for supporting the replacement of consumer goods [3] - Financial policies are encouraging financial institutions to increase personal consumption loan offerings, with many institutions introducing zero-interest installment plans and low-interest loans to lower payment thresholds for consumer goods [3] Group 2 - The "2025 Benchmark Award for Boosting Consumption" was awarded to Tongcheng Network Technology Co., Ltd. and Hunan Mingming Henmang Commercial Chain Co., Ltd. for their significant contributions to consumer market stimulation [4] - Mingming Henmang achieved a GMV of 41.1 billion yuan in the first half of 2025, demonstrating rapid growth in revenue and profit through its snack wholesale model [4] - Tongcheng Travel has effectively driven the recovery of cultural and tourism consumption by innovating travel services and optimizing travel experiences [4]

Group 1 - The report from Tongcheng Travel indicates a strong demand for travel during the New Year holiday, driven by the "take 3 days off and rest for 8" trend, leading to an increase in bookings for flights, hotels, and homestays [1] - There was an 85% increase in the search and booking of "intangible cultural heritage" themed tourism during the holiday, with Suzhou ranking among the top 10 popular destinations for such travel [1] - The trend of high-quality travel experiences is evident, with a significant rise in bookings for premium hotels, boutique homestays, and customized small group tours during the New Year holiday [1] Group 2 - The popularity of mountain scenic spots for New Year blessings has surged, with a more than 23% increase in bookings for hotels and homestays within these areas [2] - Young travelers are increasingly opting for beach destinations for New Year celebrations, with a 38% rise in bookings for boutique homestays featuring sea views [2] - Concerts by well-known artists during the holiday attracted many fans, leading to a noticeable increase in hotel bookings near concert venues [2] Group 3 - The heat for outbound travel during the New Year holiday has significantly surpassed previous years, with popular themes including island vacations and destinations with visa-free access [3] - Young adults aged 25 to 45 and family groups are the primary consumers of outbound travel, willing to pay a premium for detailed itineraries and immersive experiences [3] - The growth rate of outbound travel orders from non-first-tier cities is accelerating, with Turkey's visa exemption policy further simplifying travel for Chinese tourists [3][4]

Core Insights - The report indicates a significant increase in travel demand during the New Year holiday, driven by the "please 3 days off for 8" trend, leading to a rise in bookings for flights, hotels, and homestays [1] - The report highlights a dual trend of short-distance travel within core city clusters and long-distance travel between northern and southern regions, with popular destinations including Northeast China, Hainan, Yunnan, Xinjiang, Sichuan, Fujian, and Guangxi [1] - There is a noticeable trend towards higher quality travel experiences, with increased bookings for high-end hotels, boutique homestays, and customized small group tours [1] Travel Trends - The report shows that short-distance micro-vacations in city clusters like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta are thriving, alongside long-distance travel to popular winter destinations [1] - Unique cross-year experiences are emerging, with a rise in interest for lesser-known scenic spots featuring diverse New Year celebrations, such as light shows and cultural performances [2] - Mountain tourism is gaining popularity, with significant increases in hotel bookings at mountain resorts for New Year blessings, reflecting a trend towards spiritual and nature-based travel [4] Cultural and Entertainment Influences - The report notes a surge in interest for intangible cultural heritage tourism, with an 85% increase in searches and bookings for related experiences during the New Year holiday [5] - Concerts by popular artists in cities like Guangzhou and Wuhan are attracting large crowds, leading to increased hotel bookings in those areas [7] Winter and Snow Tourism - Ice and snow tourism remains a dominant theme, with approximately 40% of the top 20 domestic travel routes during the New Year holiday focused on winter destinations [8] - The report highlights the popularity of Harbin Ice and Snow World, with a 45% increase in bookings for one-day tours [8] - The opening of new ski resorts, such as the Changchun Wanda Ski Resort, has also seen a significant influx of visitors, with occupancy rates rising by 50% compared to the previous year [10] International Travel Trends - The report indicates a marked increase in outbound travel during the New Year holiday, with popular destinations including Singapore, South Korea, and Turkey, driven by the "please 3 days off for 8" trend [12][14] - There is a growing interest in diverse and personalized travel experiences, with emerging destinations like Serbia and Georgia gaining traction among travelers [16] - The report emphasizes that younger travelers and families are the primary demographic for outbound tourism, willing to pay a premium for detailed itineraries and immersive experiences [12]

人民财讯1月3日电，1月3日，同程旅行发布的《2026元旦假期旅行消费报告》显示，三天连休小长假叠 加拼假一族掀起的"请3休8"浪潮，强力拉动元旦假期出游需求。平台上，元旦假期前后机票、酒店、民 宿等主要产品预订呈量价齐升的局面。元旦假期"非遗"主题旅游搜索及预订热度环比增长85%。 ...

人民财讯1月1日电，2026年元旦假期首日，国内各大机场、车站、高速公路陆续迎来客流高峰。1月1 日，同程旅行数据显示，在旅游度假叠加返乡探亲需求，以及丰富的跨年活动带动下，国内酒店预订热 度相比去年同期增长超3倍。 ...

Group 1 - The domestic tourism industry experienced a significant surge during the New Year's holiday, with hotel bookings increasing over three times compared to the same period last year [1][2] - The opening of Hainan Free Trade Port and the operation of the Shenyang-Baihe high-speed railway stimulated travel enthusiasm, leading to popular travel routes between northern and southern regions of China [1] - Major cities such as Beijing, Shanghai, and Guangzhou ranked among the top destinations for hotel bookings during the holiday period [2] Group 2 - The demand for travel was further fueled by various New Year's Eve events, including fireworks shows and music festivals, resulting in a more than 100% increase in ticket sales for events compared to the previous year [1] - The top ten cities for hotel bookings included Beijing, Shanghai, and Chongqing, indicating a strong recovery in the hospitality sector [2]

Core Viewpoint - The article discusses a legal case involving a customer, Ms. Wu, who sued Tongcheng Travel for excessive ticket change fees, resulting in a court ruling that favored her, requiring the company to refund and compensate her significantly [3][4]. Group 1: Case Details - Ms. Wu and her husband purchased round-trip tickets from Shanghai to Seoul and faced a change fee of 2560 yuan, which was three times the actual cost of 820 yuan [3]. - The court found that Tongcheng Travel's fees were inconsistent with their rules, leading to a breach of contract [3]. - The final compensation awarded to Ms. Wu was 8500 yuan, which included a refund and additional damages [3]. Group 2: Customer Experience - Ms. Wu attempted to change her flight due to a missing passport and found the change fee to be unusually high compared to the actual costs [3]. - Initial explanations from customer service included claims of "upgrading service fees" and later attributed the charges to Southern Airlines, which were proven incorrect upon verification [3][4]. - The customer service eventually admitted to a "backend error" but failed to provide evidence to support this claim [4]. Group 3: Community Response - Many social media users encouraged Ms. Wu to share a detailed guide on how to protect consumer rights based on her experience [5]. - Ms. Wu, who has a legal background, expressed intentions to create a comprehensive guide for others facing similar issues [5].

Group 1 - The report emphasizes the importance of service consumption in 2026, highlighting a year of strategic layout and potential improvements in specific sectors and cycles [4][6][8] - The overall recovery of the service sector is characterized by a moderate rebound and structural prosperity, with service consumption growth outpacing that of goods consumption [11][12] - The report identifies three key changes affecting demand, policy, and technology, including a shift towards more rational consumer behavior, the impact of policy and globalization on corporate decisions, and accelerated technological iterations [11][4][6] Group 2 - The investment strategy for 2026 focuses on boosting domestic demand, with significant potential for service consumption in China compared to developed countries [19][26] - The report outlines specific sub-sectors such as duty-free, hotels, and education, which are expected to perform differently based on demand and supply dynamics [7][8][34] - Recommendations include focusing on cyclical recovery and sector-specific prosperity, with suggested investments in companies like China Duty Free Group, Huazhu Group, and Meituan [4][34][8] Group 3 - The report notes that the service sector has underperformed compared to the broader market, with a year-to-date increase of 14.55%, lagging behind the CSI 300 index [14][12] - Structural trends indicate that leading companies in tea drinks and hotels have outperformed, while duty-free and hotel stocks have shown strength in the fourth quarter [14][12] - The report highlights the importance of policy measures aimed at enhancing service consumption, including various initiatives to stimulate demand and improve the consumer environment [26][28][27]

中经记者 李立 上海报道 2026年元旦假期临近，围绕"如何跨年"的主题旅行开始升温。 2025年12月17日，跨年（12月31日）火车票正式开售，同程旅行数据显示，开售不到半分钟，北京出发 前往哈尔滨、沈阳，深圳出发前往厦门，广州出发前往长沙等多个热门线路车票热销，黄金时段车次更 是"光速售罄"。 去哪儿旅行数据显示，元旦假期期间，车程在2小时左右的短途路线最为火爆。北京往返天津、成都往 返重庆、上海往返南京、广州往返南宁等短途线路人气旺。 不过，《中国经营报》记者发现，无论是北上追寻冰雪，还是南下拥抱暖阳，无论是围观主题乐园的烟 花璀璨，还是选择去远郊山海静谧独处，"如何过"正在超越"去哪里"，成为年轻人规划跨年旅行的核心 思路。 人都去哪儿？ 2026年元旦假期自1月1日至3日连休三天，形成了2026年首个"小长假"，大大释放了积压的旅游需求。 从整体流向来看，市场延续了冬季"冰雪游"与"避寒游"两大主题，上演着一场热烈的"南北双向奔赴"。 同程旅行数据显示，哈尔滨、长春、长白山、阿勒泰、乌鲁木齐等传统冰雪旅游目的地持续火热。其 中，"顶流"哈尔滨冰雪大世界已于12月17日正式开园，预计将引爆整个假期的 ...