国庆假期旅游消费数据点评：旅游市场稳健增长，量价分化趋势延续

Investment Rating - The report suggests a positive outlook for the tourism industry, indicating a resilient market with a recommendation to focus on OTA and domestic hotel sectors [2]. Core Insights - The tourism market is experiencing steady growth, with domestic travel reaching 765 million trips during the National Day holiday, a year-on-year increase of 5.9% and a 10.2% increase compared to 2019 [1]. - Total domestic tourist spending during the holiday was approximately 700.82 billion yuan, reflecting a year-on-year growth of 6.3% and a 7.9% increase compared to 2019 [1]. - The report highlights a trend of increasing travel demand despite a decrease in average spending per person, attributed to lower prices for flights and accommodations [1]. - International travel is also recovering, with outbound travel bookings nearly doubling year-on-year, particularly from lower-tier cities [1][2]. Summary by Sections Domestic Travel Trends - Domestic travel during the National Day holiday saw 765 million trips, with a 5.9% increase year-on-year and a 10.2% increase compared to 2019 [1]. - Average spending per person was approximately 916 yuan, nearly flat year-on-year, recovering to 98% of 2019 levels [1]. - The decline in travel costs, with flight prices down 15.1% and hotel prices down 6%, has contributed to the increase in travel demand [1]. International Travel Trends - Outbound travel has shown strong growth, with bookings increasing by nearly 100% year-on-year [1]. - The majority of outbound travel destinations are concentrated in East Asia and Southeast Asia [1]. - Residents from lower-tier cities are increasingly participating in international travel, with a threefold increase in orders from these areas during the holiday [1]. Market Outlook - The report indicates that the tourism market will continue to show resilience, with a trend of rising travel demand and falling prices likely to benefit OTA and domestic hotel sectors [2]. - The focus on lower-tier cities and the potential for international business expansion are highlighted as key areas for growth [2].