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经济动态点评:五一消费“打几星”?
Minsheng Securities·2025-05-05 12:23

Consumption Trends - The extended May Day holiday this year has led to a significant release of consumer spending, comparable to the long National Day holiday, with increased passenger volume and per capita spending[1] - Domestic travel during the May Day holiday averaged 5.2 days, an increase of approximately 15% year-on-year, indicating a rise in demand for in-depth and long-distance travel[2] - The entry of foreign tourists has been boosted by policies such as visa-free transit and "buy now, return later," with inbound travel orders increasing by 173% year-on-year during the holiday[2] Travel and Transportation Data - All modes of transportation (rail, road, water, and air) saw increased passenger volumes compared to 2024, with daily cross-regional movement comparable to peak travel periods like National Day and Spring Festival[2] - The number of international flights increased by 20.1% year-on-year in the first four days of the holiday, with significant growth in flights to Vietnam (62.9%) and Japan (58.5%)[3] Entertainment and Real Estate Insights - Movie box office revenue saw a decline, with total earnings dropping by 48.6% year-on-year during the first four days of the holiday, and average ticket prices falling to 349.8 yuan per show, down from 561.6 yuan last year[3] - Real estate sales showed signs of recovery, with new home sales in 30 cities rebounding to levels above the previous year, while second-hand home sales continued to exhibit high year-on-year growth[3] Risk Factors - Potential risks include incomplete data statistics, unexpected policy changes, and fluctuations in the domestic economic landscape that could impact future trends[3]