春节消费观察：景气度符合预期，品类分化持续

Core Insights - The overall consumption trend during the Spring Festival aligns with expectations, characterized by a continued differentiation between material and service consumption, with emotional consumption represented by "self-pleasure" showing greater resilience [1][3] - Key sectors such as tourism, offline consumption, and online consumption exhibit varied performance, with tourism showing robust growth and offline retail and dining experiencing a positive uptick [1][3] Tourism Sector - During the Spring Festival holiday (February 15-23, 2026), domestic travel reached 596 million trips, with total spending of 803.48 billion RMB, reflecting a year-on-year increase of 5.7% in daily travel volume and 5.5% in daily spending [3] - Long-distance travel and family-oriented trips are highlighted as key trends, with family groups accounting for 68% of orders on platforms like Mafengwo [3] - The number of domestic travel orders on platforms like Fliggy increased by 80% year-on-year, with average booking amounts rising by approximately 10% [3] Offline Consumption - Key retail and dining enterprises reported a daily sales increase of 5.7% compared to the same period in 2025, with foot traffic and sales in 78 key pedestrian streets growing by 6.7% and 7.5% respectively [3] Online Consumption - Brand marketing efforts during the Spring Festival were significantly weaker compared to major promotional events like 618 and Double 11, leading to relatively flat sales performance [2] - In the beauty and skincare sector, total sales during the Spring Festival ranged from 212 million to 348 million RMB, with a year-on-year growth of approximately 12% [2][5] Beauty and Skincare Brands - Notable brands such as Maogeping and Proya saw significant year-on-year sales increases of 114.3% and 58.6% respectively, attributed to category expansion and strong brand performance [2][5] - Conversely, brands like Juzi Biotechnology experienced a drastic decline in sales by 56.8%, likely due to prior negative publicity and strategic marketing adjustments during the off-season [2][5] Jewelry Sector - The overall sales performance in the jewelry sector was weaker, with total sales dropping from a range of 285 million to 390 million RMB in 2025 to 260 million to 309 million RMB in 2026, reflecting a year-on-year decrease of 8.5% [4][9] - Brands such as Chow Sang Sang and Luk Fook achieved growth rates of 100% and 66.7% respectively, while mass-market brands like Chow Tai Fook and China Gold saw declines of 12.5% and 72% [4][9] Investment Recommendations - The report maintains a positive outlook on service-oriented consumption and emotional spending, particularly in travel and beauty sectors, recommending companies like Trip.com and Yingtong Holdings for investment [4]