未知机构：这次五一假期的消费数据仍是有量无价整体从投资的维度想赚国内盈利能力提升的-20250506

Summary of Key Points from the Conference Call Industry Overview - The data from the May Day holiday indicates a trend of "high volume but low value" in consumer spending, suggesting challenges in improving domestic profitability from an investment perspective [1][2][3]. Core Insights and Arguments - In 2025, the first day of the May Day holiday saw a year-on-year increase of 11% in the number of travelers nationwide, reaching 295 million, a historical high [1][2]. - However, the average consumer spending per person was approximately 565 yuan, which is about 15% lower than the pre-pandemic level of 603 yuan in 2019, indicating only a recovery to 93.7% of the pre-pandemic spending [1][2]. - Notably, sectors such as duty-free shopping and high-end hotel bookings experienced a decline, with sales in Hainan's offshore duty-free market dropping by 37.8% year-on-year, and average spending per person decreasing by 21.3% [1][2][3]. Other Important Insights - The overall consumer spending data suggests that while the number of tourists has increased, the spending behavior has not improved correspondingly, raising concerns about the sustainability of growth in the tourism and hospitality sectors [1][2][3].