华泰联合解读：元旦假期消费有何新亮点

Core Insights - The New Year's holiday this year saw a significant increase in travel and consumption, with a recovery rate surpassing that of the previous National Day holiday in 2019, indicating a strong start for the tourism and retail sectors in 2026 [1][2][3] Group 1: Travel Trends - The number of travelers during the New Year's holiday (January 1-3) increased by 17.9% year-on-year, with a notable expansion in travel radius, surpassing the growth rates of the 2025 May Day and National Day holidays [5][6][31] - The travel methods favored by tourists included self-driving and rental cars, with rental bookings increasing by over 120% compared to the previous year [6][34] - The inbound tourism sector maintained strong growth, with foreign entry and exit numbers rising by 29.8% year-on-year, and ticket bookings for inbound tourism increasing by 110% [3][13][37] Group 2: Consumption Patterns - Total domestic travel expenditure reached 847.89 billion yuan during the holiday, with a recovery rate of 115.1% compared to 2019, although per capita spending showed a slight decline [15][41] - Retail and dining sectors experienced moderate growth, with notable increases in sales and customer traffic in various provinces, such as Tianjin and Hubei, where retail and dining revenues grew by 9.9% and 6.97% respectively [17][43] - The film industry saw a significant rebound, with box office revenues increasing by 141% year-on-year, although average ticket prices fell slightly compared to 2025 [16][42] Group 3: Regional Highlights - Hainan province experienced a robust tourism surge, with visitor numbers increasing by 25.2% and total tourism expenditure rising by 28.9% during the holiday [14][40] - The performance of the retail sector varied by region, with provinces like Hunan and Beijing leading in growth rates of 16.9% and 16.3% respectively [53] - The holiday also saw a strong demand for local dining and entertainment, with significant increases in pre-orders for New Year's Eve dining packages [55]