2024年春节假期消费观察：“加长版”假期出行热辣滚烫，量强于价特征延续

Investment Rating - The report indicates a positive outlook for the industry, highlighting strong demand and recovery trends during the extended Spring Festival holiday period [2][21]. Core Insights - The extended Spring Festival holiday has significantly boosted consumer spending, with travel and tourism showing remarkable recovery compared to pre-pandemic levels [2][21]. - The report emphasizes a structural shift in travel patterns, with a notable increase in self-driving trips and a decline in traditional public transport usage [3][4][21]. - Service consumption, particularly in tourism and hospitality, has outperformed goods consumption, reflecting a shift in consumer preferences [8][21]. Summary by Sections Spring Festival Travel - The total number of travelers during the Spring Festival exceeded 5.41 billion, marking a 14.4% increase compared to 2019 and a 15.8% increase compared to 2023 [3][5]. - Self-driving travel has surged, with non-commercial vehicle usage rising by 36.4% compared to 2019, now accounting for over 80% of total travel [4][5]. - Air travel has also seen significant growth, with passenger numbers increasing by 18.4% compared to 2019, and average ticket prices rising by 16.0% compared to 2019 [6][21]. Consumer Spending - Online payment transactions during the holiday period increased by 18.6% in volume and 8.0% in value, indicating a strong recovery in consumer spending [8][21]. - Key retail and dining sectors reported an 8.5% increase in sales, with major chain supermarkets and restaurants seeing even higher growth rates [8][21]. - Domestic tourism saw 474 million trips, generating revenue of 632.7 billion yuan, which is a 7.7% increase compared to 2019 [8][21]. Tourism Sector Highlights - Popular tourist destinations experienced significant increases in visitor numbers, with some locations reporting over 200% growth compared to 2019 [12][15]. - Hainan's duty-free sales averaged 310 million yuan per day, a 40.1% increase year-on-year, although the average spending per customer decreased by 15.9% [16][21]. - The average travel expenditure per person during the holiday was 1,335 yuan, recovering to 91% of pre-pandemic levels [11][21]. Film Industry Performance - The Spring Festival box office reached 8.05 billion yuan, setting a new record, primarily due to an increase in the number of effective screening days [18][21]. - The average ticket price for films decreased by 6% compared to the previous year, reflecting a competitive market environment [18][21].