国庆消费观察：量强于价，下沉化趋势突出

Investment Rating - The report indicates a positive outlook on consumer spending during the National Day holiday, suggesting a stable growth trend in the industry [1]. Core Insights - The National Day holiday consumption data shows a strong performance in volume over price, with notable trends in consumer behavior towards lower-tier cities and self-driving travel [1][24]. - The report highlights the effectiveness of government subsidies, particularly in the home appliance and automotive sectors, driving significant sales growth [5][24]. - There is a marked recovery in domestic tourism and outbound travel, with lower-tier cities emerging as new growth points for consumption [20][24]. Summary by Sections Travel - During the National Day holiday, cross-regional travel reached 2.003 billion trips, a 3.9% increase year-on-year and a 23.1% increase compared to 2019 [2]. - Various travel modes saw positive growth, with civil aviation, water transport, and railways increasing by 11.1%, 10%, and 6.3% respectively compared to 2023 [2][4]. - Civil aviation experienced a 15.1% decrease in average ticket prices despite a 9.3% increase in daily flights compared to 2023 [4]. Consumption - The average daily sales revenue in consumption-related industries grew by 25.1% during the holiday, indicating strong market vitality [5]. - The home appliance sector saw a remarkable increase, with sales volume exceeding 3.74 million units and sales revenue reaching 17.84 billion yuan [5]. - Service consumption also showed resilience, with dining and cultural services experiencing growth rates of 4.6% and 85.2% respectively [6][8]. Tourism - Domestic tourism reached 765 million trips, with total spending of 700.817 billion yuan, reflecting a 5.9% and 6.3% increase year-on-year respectively [11]. - The average per capita tourism expenditure was 916 yuan, recovering to 98% of the 2019 level [13]. - Key scenic spots saw significant visitor increases, with some locations reporting over 30% growth compared to 2023 [18][19]. Local Consumption - Restaurant dining saw a 33.4% increase in average daily consumption compared to 2023, while the film industry experienced a decline in box office revenue by 23.1% [21][22]. - The report notes that the film industry's performance was affected by a weaker supply since the summer season [22]. Conclusion - Overall, the report emphasizes a stable growth in consumption data during the National Day holiday, with structural changes indicating a shift towards larger purchases and increased activity in lower-tier cities [24].