国庆出游点评：新“慢充式旅游”消费习惯正形成

Investment Rating - The industry rating is "Positive" as of October 11, 2024 [4] Core Insights - The domestic tourism market shows a strong recovery during the National Day holiday, with 765 million domestic trips taken, a year-on-year increase of 5.9%, and total spending reaching 700.82 billion yuan, up 6.3% year-on-year, indicating a return to pre-pandemic levels [1][10] - There is a notable trend towards "slow travel" and personalized experiences, with nearly 30% of travelers booking trips on the same day or one day in advance, reflecting a shift in consumer behavior towards flexibility and quality [3][10] - The outbound tourism market is experiencing significant growth, with daily orders for outbound travel during the holiday exceeding 2019 levels, particularly from lower-tier cities, indicating a diversification in travel preferences [2][10] Summary by Sections Domestic Tourism Recovery - The National Day holiday saw 765 million domestic trips, a 5.9% increase year-on-year, and total spending of 700.82 billion yuan, a 6.3% increase year-on-year, indicating a recovery to 107.9% of 2019 levels [1][10] - Popular destinations include both major cities and emerging lesser-known locations, with a significant increase in long-distance travel bookings, particularly to regions like Xinjiang and Qinghai [1][10] Outbound and Inbound Tourism Growth - The outbound tourism market is experiencing a "dual growth" trend, with both inbound and outbound travel orders hitting historical highs during the National Day holiday [2] - The average daily orders for outbound travel from lower-tier cities have increased significantly, with some areas seeing growth rates of 100% to 300% year-on-year [2][10] Changing Consumer Preferences - The trend of "slow travel" is emerging, with travelers prioritizing quality and personalized experiences over quick, checklist-style trips [3][10] - The average spending per domestic trip during the holiday was 916 yuan, reflecting a 0.4% increase compared to previous years, while the average prices for flights and hotels have decreased, indicating a more competitive market [10][11]