2026年春节旅游数据点评：超长春节假期加持，文旅出行市场高景气

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [24]. Core Insights - The 2026 Spring Festival saw the longest holiday period in history, leading to a surge in travel enthusiasm and a strong performance in the cultural and tourism market. Domestic travel and spending reached record highs, supported by policies promoting service consumption [2][17]. - The report highlights the expected continued high prosperity of the cultural tourism industry, driven by favorable policies and a recovery in business travel. Key recommended companies include Lingnan Holdings, Tongcheng Travel, Changbai Mountain, Huangshan Tourism, Shoulv Hotel, China Duty Free Group, and Wangfujing [2][17]. Summary by Sections Domestic Travel - During the 2026 Spring Festival, a total of 596 million domestic trips were made, with an average of 66 million trips per day, representing a year-on-year increase of 5.7%. Total domestic travel expenditure reached 803.48 billion yuan, with an average daily expenditure of 89.28 billion yuan, also a 5.5% increase year-on-year [6][8]. - The average spending per trip was 1,348.13 yuan, with a daily average of 149.79 yuan, showing a decrease of 11.3% year-on-year [6][8]. - The total cross-regional population flow reached 2.81 billion, with an average of 310 million per day, marking an 8.2% increase year-on-year [6][7]. Key Scenic Areas - Major scenic spots such as Huangshan, Changbai Mountain, Emei Mountain, and Jiuzhaigou saw visitor numbers increase by over 10% year-on-year during the Spring Festival [9][10]. - Xiangyuan Cultural Tourism projects reported over 30% growth in both visitor numbers and revenue [9]. Duty-Free Sales - Duty-free shopping during the Spring Festival reached 2.72 billion yuan, with 325,000 shoppers, marking increases of 30.8% and 35.4% respectively compared to the previous year [11][12]. - Sanya's four duty-free stores achieved a total sales of 1.96 billion yuan, a year-on-year increase of 23.7% [11]. Cross-Border Travel - The total number of inbound and outbound travelers reached 17.796 million during the Spring Festival, with a daily average of 1.977 million, reflecting a 10.1% increase year-on-year [14][15]. - Notably, the number of Russian tourists increased by 471% year-on-year, and Korean tourists grew by 95% [15]. Travel Characteristics - The report indicates a shift towards longer trips, with 59.6% of travel orders being for trips longer than five days, and an average travel duration of 6.4 days [16]. - There is a notable increase in interest in cultural experiences, particularly among younger generations, with searches for intangible cultural heritage experiences rising by 180% [16].