春节消费观察：平稳复苏，电影表现亮眼

Investment Rating - The report indicates a stable recovery in the industry, particularly highlighting the strong performance of the film sector during the Spring Festival [1]. Core Insights - The Spring Festival consumption data reflects a notable recovery in consumer spending, driven by policies such as "trade-in" programs [1]. - The travel sector saw robust growth in passenger flow, with a total of 54.8 billion people traveling during the Spring Festival, marking a 7.5% increase year-on-year and a 21.4% increase compared to 2019 [2][3]. - The film industry achieved a record box office of 95.1 billion yuan during the Spring Festival, representing an 18.6% year-on-year increase, with a significant rise in both attendance and average ticket prices [33][34]. Summary by Sections Travel - The Spring Festival travel volume reached 90 billion person-times, with a 7.5% increase year-on-year and a 21.4% increase compared to 2019 [2]. - Different modes of travel showed stable growth, with road transport leading at a 14.4% increase compared to 2024 [3]. - The civil aviation market experienced an increase in flight volume but a decrease in ticket prices, with average ticket prices dropping by 16.6% during the holiday [8]. Consumption - Nationwide, average daily sales in consumption-related industries grew by 10.8% during the Spring Festival, with goods and services consumption increasing by 9.9% and 12.3%, respectively [12]. - The "trade-in" policy significantly boosted sales in electronics and home appliances, with some categories seeing over 150% growth [12]. - Service consumption, particularly in leisure and cultural activities, saw substantial increases, with some sectors growing by over 50% [12]. Film and Entertainment - The film sector was a standout performer, with the Spring Festival box office reaching 95.1 billion yuan, a record high [33]. - The increase in box office revenue was attributed to popular IP sequels and a diverse range of films, alongside viewing subsidies [33]. - The average ticket price rose by 3.4%, indicating a dual increase in both attendance and pricing [34]. Tourism - Domestic travel during the Spring Festival reached 5.01 billion person-times, with total spending of 677 billion yuan, reflecting a 5.9% and 7% increase year-on-year, respectively [19]. - Tourist spending per capita showed slight improvement, although it remained below pre-pandemic levels [20]. - Key tourist destinations experienced significant visitor increases, with some areas reporting over 10% growth in both visitor numbers and spending [22]. Local Consumption - The restaurant sector showed stable growth, with major cities reporting over 10% increases in sales during the holiday [32]. - The report highlights the issuance of consumption vouchers across various regions to stimulate spending in sectors like film, retail, and dining [15][17].