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2025年国庆中秋假期点评：国内游量增价降，出境游较强
Xinda Securities·2025-10-10 15:05

Investment Rating - The report maintains a "Positive" investment rating for the tourism industry [2] Core Insights - During the 2025 National Day and Mid-Autumn Festival holiday, domestic tourism saw an increase in volume but a decrease in prices, with 888 million domestic trips taken, a 1.6% increase year-on-year, and a recovery to 99.4% of the 2019 level [3][7] - Domestic tourism revenue reached 809 billion yuan, averaging 101.1 billion yuan per day, marking a 1.0% increase year-on-year and a recovery to 109.0% of the 2019 level [3][7] - Per capita consumption was 911 yuan, with a daily average of 114 yuan, reflecting a 13.0% decline year-on-year, but recovering to 95.9% of the 2019 level [3][7] - Compared to the 2025 May Day and Spring Festival holidays, the growth rate of domestic tourism during the National Day and Mid-Autumn Festival slowed down, and per capita consumption growth turned negative [3][7] Summary by Sections Domestic Tourism - The 2025 National Day and Mid-Autumn Festival holiday saw 888 million domestic trips, with a daily average of 111 million, a 1.6% increase from the previous year [7] - Domestic tourism revenue was 809 billion yuan, with a daily average of 101.1 billion yuan, a 1.0% increase year-on-year [7] - Per capita consumption decreased by 13.0% year-on-year to 911 yuan [7] Scenic Spots - Daily visitor growth at scenic spots ranged from single to double digits, with Emei Mountain and Phoenix Ancient City showing notable increases of 19.7% and 18.8% respectively [18][20] Outbound Tourism - Outbound tourism growth outpaced domestic tourism, with 16.34 million people entering or leaving the country during the holiday, a 11.5% year-on-year increase [22] Performing Arts - Cultural and artistic service sales increased by 18.6% during the holiday, with significant growth in performance services [28] Consumer Spending - Consumer spending showed low single-digit growth, with service consumption outperforming goods consumption, as retail and catering sales increased by 2.7% year-on-year [30]