国庆消费：出行仍有韧性，商品增长趋缓：【每周经济观察】第40期-20251008

Travel Insights - During the National Day holiday, inter-regional passenger flow increased by 5.3% year-on-year, slower than the 7.9% growth during the May Day holiday[2] - Air travel and railway growth rates were below 4%, while waterway and outbound travel saw higher growth, with waterway passenger transport up by 8.7%[12] Retail Performance - Retail sales for key enterprises grew by 3.3% year-on-year in the first four days of the holiday, indicating potential pressure on October's retail sales[3] - Home appliances and green food consumption achieved double-digit growth, with green organic food sales up by 20.1%[18] Price Trends - Food prices remained stable, while some regions saw a decline in liquor prices; for instance, the average price of movie tickets dropped nearly 8% year-on-year[4] - Airfare prices increased by 9.2% compared to the previous year, while hotel prices varied significantly between first-tier and lower-tier cities[24] Movie Industry - Box office revenue for the National Day holiday was down 19.2% year-on-year, potentially due to scheduling issues with popular films released in the preceding months[26] Economic Indicators - The Huachuang macroeconomic activity index was at 6.65% as of September 28, showing a decline of 2.12 percentage points from the previous week[28] - The manufacturing PMI remained above the growth line at 50.8%, indicating resilience in external demand[38]