Tourism Data During the National Day Holiday Reflects the Current Economic Situation and Consumption Trends

The 2024 National Day holiday has just ended, and the latest data released by the Ministry of Culture and Tourism has sparked widespread attention and discussion. The data shows that during the 7-day holiday, domestic trips across the country reached 765 million, with total spending amounting to 700.817 billion yuan. What economic conditions and consumption trends are reflected behind these numbers?

First, from the perspective of year-on-year growth, the number of trips and total spending this year increased by 5.9% and 6.3%, respectively. Although this growth rate is not high, it still demonstrates a certain level of resilience in the current economic environment. However, if we look back to 2019, we will find an interesting phenomenon: the number of trips this year is actually about 2.17% lower than in 2019, while total spending has increased by 7.87%. What does this indicate?

On the one hand, this reflects a possible decline in people’s willingness to travel. Economic pressure, the aftereffects of the pandemic, or other factors may have led some people to opt for local rest or short-distance trips. On the other hand, the increase in per capita spending (rising from 903.83 yuan to 916.10 yuan in 2024) suggests that those who did choose to travel have shown an increased consumption capacity and willingness.

It is worth noting that the timing of this data release is quite special. In previous years, the data was usually released on the last day of the holiday or the next day, but this year it was delayed until after 3 p.m. on October 9. This change has sparked some speculation, with opinions suggesting that it might have been done to avoid the impact of tourism data on the post-holiday stock market.

From the perspective of consumption structure, this year’s data also reflects some interesting trends. For example, the net outflow population from first-tier and new first-tier cities has significantly increased, while the net inflow population to second-tier and lower-tier cities has risen. This may indicate that more residents from higher-tier cities chose to travel to lower-tier cities or return to their hometowns. This phenomenon might reflect a “budget travel” mindset, or it could be the result of people taking the opportunity to visit their parents back home.

Another point worth noting is that although the overall data appears positive, the average daily per capita consumption is actually not high, at only around 100 yuan. This figure includes expenses such as transportation and accommodation, reflecting that most people remain cautious in their travel spending.

In addition, the stock market performance during this year’s National Day holiday is also noteworthy. The pre-holiday stock market surge may have boosted the consumption confidence of some investors to some extent, but this impact is likely more reflected in high-end consumption rather than the general public’s travel expenditure.

Overall, the tourism data from the 2024 National Day holiday reflects the complex landscape of China’s current economy. On the one hand, consumer demand is gradually recovering; on the other hand, economic pressure still exists, and people’s consumption behavior tends to be rational and cautious. In the future, stimulating tourism consumption may require efforts in multiple areas, such as increasing household income and optimizing the tourism experience.

Finally, it is worth mentioning that next year’s National Day holiday will be extended to eight days, which may bring new opportunities and challenges to the tourism market. How the government and the industry seize this opportunity and provide better tourism products and services will be a topic worth paying attention to.