OTA行业动态：中秋旅行消费持续增长，国庆出行有望再创新高

Investment Rating - The report does not explicitly state an investment rating for the industry, but it implies a positive outlook based on the growth trends observed in travel consumption and international tourism recovery. Core Insights - The travel consumption market during the Mid-Autumn Festival showed steady growth, with 107 million domestic trips taken, representing a 6.3% increase compared to the same period in 2019. Total spending reached 51.047 billion yuan, an 8.0% increase from 2019, with an average expenditure of 477 yuan per person, higher than in 2019 [1]. - The upcoming National Day holiday is expected to see a surge in long-distance travel demand, with predictions of a 6.2% increase in daily passenger flights and an 8.3% increase in daily passenger volume compared to the previous year [1]. - The international travel market is experiencing rapid recovery, with international flight bookings increasing by over 160% year-on-year and hotel bookings up nearly 140% [1]. - Despite macroeconomic uncertainties, the overall travel sector demonstrates strong resilience, with robust demand for experiential consumption such as concerts and festivals benefiting online travel agencies (OTAs) [1]. Summary by Sections Mid-Autumn Festival Travel Consumption - The Mid-Autumn Festival saw 107 million domestic trips, a 6.3% increase from 2019, with total spending of 51.047 billion yuan, an 8.0% increase from 2019 [1]. - Average spending per person was 477 yuan, exceeding 2019 levels [1]. - Hotel prices remained stable compared to last year, with a notable increase in bookings for four-star hotels, which rose by nearly 30% year-on-year [1]. National Day Holiday Outlook - The National Day holiday is anticipated to set new records for travel, driven by pent-up demand for long-distance travel [1]. - Predictions indicate a 6.2% increase in daily passenger flights and an 8.3% increase in daily passenger volume compared to the previous year [1]. - International flights are expected to recover to 85.5% of 2019 levels [1]. Resilience of the Travel Sector - The travel sector shows strong resilience despite uncertainties in macro consumption [1]. - Demand for experiential consumption remains robust, benefiting OTAs and the domestic hotel industry [1]. - The recovery of international travel demand is helping to offset the impact of declining domestic prices, with industry profit margins expected to gradually improve [1].