Core Insights - The outbound tourism market in 2025 has shown robust growth, with double-digit year-on-year increases in orders for various travel products, including tours, local experiences, and cruise services [3][4] - Inbound tourism has also surged, with ticket orders for inbound flights from overseas users increasing by over 100% year-on-year, particularly for flights to Shanghai, which saw a nearly 600% increase [3][8] Outbound Tourism Trends - Consumer preferences for outbound travel have become more diversified and personalized, with families preferring comfortable services like cruises and Z-generation consumers spending more on unique experiences [5][6] - Free independent travel remains the mainstream mode of outbound tourism, with a notable increase in small group tours that offer better value and experience compared to traditional large group tours [6] - Emerging destinations such as Sweden and Iceland have gained popularity, particularly for their unique attractions like the Northern Lights, indicating a shift in travel patterns [6][7] Inbound Tourism Growth - Inbound tourism has experienced significant growth, with a 100% increase in bookings for the first three quarters of 2025, and orders from visa-exempt countries rising by an average of 153% [8][9] - The Chinese government is enhancing the convenience and internationalization of inbound tourism, with measures such as extending transit visa exemptions and expanding applicable ports [8][11] - Key travel periods for inbound tourists include spring and autumn, with a trend of early bookings observed among travelers from Asia, Europe, and Australia [8][9] Market Potential - Currently, inbound tourism revenue accounts for less than 0.5% of China's GDP, compared to over 10% in Thailand and 1-2% in many Western countries, indicating a significant potential market increase of approximately 1 to 2 trillion yuan if it reaches comparable international levels [11][12] - The upcoming New Year and Spring Festival holidays are expected to further boost both outbound and inbound tourism, with many popular long-haul outbound tours already sold out [11]

Group 1 - The outbound tourism market in 2025 is experiencing high-quality growth, with significant increases in orders for various travel products, including tours, local experiences, and cruise services, showing double-digit growth year-on-year [1] - Inbound tourism is witnessing explosive growth, with overseas flight bookings to China more than doubling compared to last year, particularly for flights to Shanghai, which have increased nearly sixfold [1] - The trend of personalized and diversified travel consumption is evident, with families preferring comfortable services like cruises, while Gen Z consumers are spending more on unique experiences [2] Group 2 - The demand for small group tours is rising, with a notable increase in the proportion of small group products in the overall outbound tour market, appealing to consumers seeking better experiences and more free time [2] - Instant group day tours are gaining popularity, and new long-haul destinations like Sweden and Iceland are emerging, indicating a shift in travel preferences [3] - Inbound tourism is experiencing a robust recovery, with a 100% increase in bookings in the first three quarters of 2025, and a remarkable 153% growth in orders from visa-exempt countries [5] Group 3 - International visitors are increasingly exploring inland cities in China, with Chongqing seeing a 170% increase in inbound traffic, and Datong experiencing a sevenfold increase in ticket sales due to its cultural attractions [6] - The potential market for inbound tourism in China is significant, with the current contribution to GDP being less than 0.5%, compared to over 10% in Thailand, suggesting a potential market increase of 1 to 2 trillion yuan if it reaches comparable international levels [7] - The upcoming New Year and Spring Festival holidays are expected to further boost both outbound and inbound tourism, with many popular long-haul outbound tours already sold out [7]

Core Insights - The report by Fliggy indicates that outbound tourism will continue to experience high-quality growth in 2025, with significant increases in order volumes for various travel products, including tours, local activities, attraction tickets, cruises, and visa services [1] - Inbound tourism is witnessing a surge, with inbound flight ticket orders from overseas tourists increasing by over 100% year-on-year, particularly for flights to Shanghai, which saw nearly a 600% increase [1] - Consumer preferences for outbound travel are becoming more personalized and diverse, with families preferring comfortable services like cruises and private cars, while Generation Z consumers are more inclined to spend on unique experiences [1] Outbound Tourism Trends - Fliggy's data shows a notable increase in the share of small group travel products within the overall fulfillment amount of outbound group tours, appealing to consumers seeking better experiences and more free time [2] - The trend of small group travel has also boosted the enthusiasm of Generation Z for group travel, with the number of Generation Z travelers completing outbound group trips via Fliggy increasing by approximately 52% year-on-year [2] Inbound Tourism Growth - Inbound tourism has been rapidly growing over the past year, with multiple countries such as Thailand, South Korea, Malaysia, Vietnam, Singapore, the United States, Australia, and the United Kingdom being popular sources of tourists traveling to China [2]

Core Insights - Ctrip (TCOM.US) shares rose nearly 5% to $74.59 following a report from Guozheng International, which highlighted a significant increase in domestic tourism revenue and participation for the 2025 National Day holiday [1] Group 1: Tourism Revenue and Participation - According to the Ministry of Culture and Tourism, domestic tourism revenue for the 2025 National Day holiday is projected to reach 809 billion yuan, with 890 million tourists expected [1] - The total tourism revenue per capita is expected to increase by 15% year-on-year, while the daily average revenue per capita is projected to grow by 1.0% year-on-year [1] - The average spending per tourist is estimated at 911 yuan, slightly better than previous expectations of 905 yuan, with a year-on-year decline of 0.6%, which is an improvement from earlier forecasts of a 1.2% decline [1] Group 2: Travel Trends - Ctrip's report on the 2025 National Day and Mid-Autumn Festival tourism indicates that long-distance travel and in-depth experiences are becoming the main trends for this year's holiday [1] - The proportion of long-distance domestic travel orders has increased by 3 percentage points compared to last year, and outbound long-haul travel is also seeing a surge in demand, with orders to several European destinations doubling [1] - The trend of "night tours" has seen a significant increase, with search popularity on Ctrip rising over 200% compared to previous periods [1]

Core Insights - Ctrip (TCOM.US) shares rose nearly 5% to $74.59 following a report from Guozheng International, which highlighted positive trends in domestic tourism for the upcoming 2025 National Day holiday [1] Industry Summary - According to the Ministry of Culture and Tourism, domestic tourism revenue for the 2025 National Day holiday (8 days) is projected to reach 809 billion yuan, with 890 million tourist visits, reflecting a year-on-year increase of 15% and 16% respectively [1] - The average tourism revenue per person is expected to be 911 yuan, slightly better than previous expectations of 905 yuan, with a year-on-year decline of 0.6%, which is an improvement compared to earlier forecasts of a 1.2% decline [1] - The decline in average spending has narrowed compared to the first quarter (-6%) and second quarter (-3%) [1] Company Summary - Ctrip's "2025 National Day and Mid-Autumn Festival Travel Report" indicates that long-distance travel and in-depth experiences are the main trends for this year's National Day tourism [1] - The proportion of long-distance domestic travel orders has increased by 3 percentage points compared to last year, while outbound long-distance travel is also gaining popularity, with orders to several European destinations doubling [1] - Outbound chartered tours are showing a trend towards deeper experiences, with overall order volume increasing by over 120% year-on-year [1] - During the holiday period, the search popularity for "night tours" on Ctrip has surged by over 200% compared to the previous period [1]

Core Insights - The recent National Day and Mid-Autumn Festival holiday has sparked a new wave of outbound travel, with significant increases in hotel bookings and a shift towards both short and long-haul travel options [1][4][8] Short-Haul Travel Trends - Popular destinations for short-haul travel include Japan, Thailand, Malaysia, South Korea, and Singapore, benefiting from proximity and favorable visa policies [3][4] - A report indicates that 54% of outbound short-haul travelers opted for 5 to 6-day trips, with a trend towards independent travel over group tours [3][4] - Hotel bookings during the holiday reached 4,588 cities, with the top ten destinations being Japan, Thailand, South Korea, Malaysia, Vietnam, Indonesia, Australia, Russia, the United States, and Singapore, predominantly in East and Southeast Asia [3][4] Long-Haul Travel Trends - Long-haul travel has seen a notable increase, with 65% of travelers preferring trips lasting 10 to 13 days, and a significant rise in group tours compared to short-haul options [4][5] - Destinations like Egypt and Norway have emerged as popular choices, with hotel bookings in Egypt increasing by 200% and Norway by 120% during the holiday [5][6] - The report highlights that group tours remain dominant in long-haul travel, with popular packages including trips to Georgia, Armenia, Azerbaijan, Turkey, and various European countries [6] Self-Driving and Car Rental Growth - There has been a significant increase in demand for self-driving and car rental services, with overall orders for outbound car rentals growing by over 120% [7][8] - Specific markets like Japan and Sri Lanka saw GMV growth of 180% and 300%, respectively, indicating a strong interest in self-driving experiences [7] - Notably, rental demand in Iceland surged by 210%, reflecting a growing trend among Chinese tourists for unique natural experiences [7][8] Evolving Consumer Preferences - The travel behavior of Chinese tourists is shifting towards immersive experiences rather than merely reaching destinations, indicating a maturation of the tourism market [8]

Core Insights - The outbound travel market is experiencing a surge following the National Day and Mid-Autumn Festival holiday, with significant increases in hotel bookings and travel orders, particularly to East and Southeast Asian destinations [1][3][5] Short-term Travel Trends - Short-term independent travel has become mainstream, with 54% of outbound short-term travelers opting for 5 to 6-day trips. Popular destinations include Maldives, Bali, Singapore, Tokyo, and others [3][4] - During the holiday, hotel bookings in 4,588 overseas cities were recorded, with Japan, Thailand, and South Korea being the top three destinations [3][5] Long-term Travel Trends - The 8-day holiday and staggered travel arrangements have boosted long-haul travel orders, with 65% of long-haul travelers preferring trips lasting 10 to 13 days [4][9] - Notable growth in long-haul travel destinations includes Egypt and Norway, with hotel bookings in Egypt increasing by 200% and Norway by 120% [7][9] Self-driving and Deep Travel Preferences - There is a significant rise in demand for self-driving and car rental services, with overall orders for outbound car rentals increasing by over 120%. Japan and Sri Lanka saw GMV growth of 180% and 300%, respectively [10][11] - The trend indicates that travelers are seeking deeper experiences, with a shift in focus from merely reaching destinations to fully immersing themselves in local cultures [10][12]

Core Insights - The report indicates that long-distance travel and in-depth experiences are the main trends for this year's National Day and Mid-Autumn Festival tourism [1] - Domestic long-distance travel orders have increased by 3 percentage points compared to last year [1] - There is a significant demand for outbound long-distance travel, with orders to multiple European destinations doubling [1] - Outbound chartered tours are showing a trend towards deeper experiences, with overall order volume increasing by over 120% year-on-year [1] - The search popularity for "night tours" on the platform has surged, with a month-on-month increase of over 200% [1]