旅游行业2024年“五一”黄金周数据跟踪报告：“五一”旅游持续火热，关注行业下沉化与多元化趋势

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [27]. Core Insights - The tourism industry is experiencing a strong recovery, with a total of 295 million domestic tourist trips during the "May Day" holiday, representing a year-on-year increase of 7.6% and a 28.2% increase compared to the same period in 2019. Domestic tourist spending reached 166.89 billion yuan, up 12.7% year-on-year and 13.5% compared to 2019 [1][24]. - The trend of tourism downshifting is becoming more pronounced, with county-level tourism gaining popularity as consumers seek less crowded, more cost-effective travel options. This shift is supported by improved infrastructure and increased tourism capacity in these areas [2][14]. - The duty-free market in Hainan is thriving, driven by a surge in tourist activities and diverse shopping experiences offered by major duty-free retailers [16][24]. - Scenic spots are seeing increased visitor numbers, with 339 5A-level tourist attractions reporting further growth in visitor numbers, reflecting the appeal of well-known destinations and the introduction of diverse cultural activities [20][24]. Summary by Sections Tourism - The "county tourism" trend is leading holiday travel preferences, with significant growth in visitor numbers and spending. The demand for less crowded, unique destinations is stronger than ever, supported by enhanced local infrastructure [2][14]. - The total number of domestic tourist trips reached 295 million, with a year-on-year increase of 7.6% and a 28.2% increase compared to 2019. Total spending was 166.89 billion yuan, up 12.7% year-on-year and 13.5% compared to 2019 [1][9]. Duty-Free - Hainan's duty-free market is experiencing a continuous increase in customer flow, with a total of 5.47 billion yuan in duty-free shopping during the holiday, averaging 6,378 yuan per person [16][24]. - Major duty-free retailers are focusing on diverse promotional activities to enhance customer shopping experiences [19][24]. Scenic Spots - Visitor numbers at 5A-level scenic spots have further increased, with 2,612.7 million deep visitors recorded, marking a 53.5% increase compared to the previous year [20][24]. - Various regions are launching unique tourism products and cultural activities to meet the diverse and personalized needs of tourists [20][24]. Investment Recommendations - Focus on tourism destinations that benefit from demand recovery and policy support, particularly those excelling in brand, innovation, and refined operations [24]. - Pay attention to hotel companies that are developing brand matrices and enhancing competitiveness in the mid-to-high-end market [24]. - Consider duty-free leaders that are benefiting from the recovery of inbound and outbound tourism [24].