2025年春节消费点评：踏春旅游热度高涨，消费市场火爆开年

Investment Rating - The industry rating is "Positive" indicating an expected overall sector return higher than the benchmark index by more than 10% [4]. Core Insights - The 2025 Spring Festival consumption market is expected to be robust, driven by government policies and increased consumer spending, with retail and catering sales projected to exceed 1.6 trillion yuan, a year-on-year increase of 12% [9][10]. - Gold consumption has surged, with a year-on-year increase of 13% during the Spring Festival, attributed to traditional holiday demand and rising risk aversion due to international uncertainties [10][11]. - The film market has set a historical record during the Spring Festival, achieving 9.51 billion yuan in box office revenue, a year-on-year increase of 18.12% [11]. Consumption Insights - The "National Subsidy" policy has stimulated consumption, particularly in the gold and film sectors, contributing to a strong start to the year [9]. - The average spending per customer in Hainan's duty-free shopping has increased to 8,707 yuan, reflecting a recovery in consumer spending power and willingness [20][23]. Travel Insights - During the Spring Festival, over 2.3 billion people traveled across regions, with domestic travel reaching 501 million trips, a year-on-year increase of 5.9% [15][16]. - Long-distance travel via civil aviation and railways has significantly increased, indicating a recovery in travel demand as the economy improves [15][16]. Duty-Free Shopping Insights - Hainan's duty-free shopping during the Spring Festival amounted to 2.094 billion yuan, a decrease of 15.87% year-on-year, but the decline is less severe compared to previous holidays, suggesting a gradual recovery [20][23]. - The upcoming closure of Hainan's free trade port is expected to attract more tourists and boost the duty-free shopping market [23].