According to the Zhitong Finance APP, Huachuang Securities released a research report stating that during the May Day holiday in 2025, the domestic tourism market will show a trend of rising volume and price, with both the number of travelers and total consumption exceeding the levels of the same period in 2019. Cultural and tourism consumption has become the core driving force for economic recovery. The report points out that the penetration of lower-tier markets, innovation in national trend cultural tourism, and the release of benefits from inbound and outbound policies constitute three major growth engines. It is recommended to pay attention to targets in the hotel, aviation, duty-free, and cultural performance sectors.
<h2>The main points of Huachuang Securities are as follows:</h2>
Both the number of tourists and revenue exceed 2019 levels, with an increase in the number of travelers and per capita consumption, indicating stable recovery in demand.
According to calculations by the data center of the Ministry of Culture and Tourism, during the May Day holiday in 2025, the number of domestic travelers nationwide reached 314 million, a year-on-year increase of 6.4%, and a 61.0% increase compared to 2019; total domestic travel expenditure reached 180.269 billion yuan, a year-on-year increase of 8.0%, and a 53.2% increase compared to 2019. The average spending per traveler during the May Day holiday in 2025 was 574.11 yuan, a year-on-year increase of 1.5%, recovering to 95.1% of the 2019 level.
High willingness for medium to long-distance travel, with rising prices for flights and hotels.
Stimulated by the strategy of extending the Golden Week holiday, the radius of public travel has further expanded. According to data from Trip.com, the proportion of cross-city accommodation orders on the platform has exceeded 80%, and the proportion of users engaging in deep travel for two days or more has reached 20%. According to the Civil Aviation Administration, the passenger transport volume of civil aviation during the holiday increased by 11.8% year-on-year. According to Flight Manager, the average price of domestic economy class tickets increased by 5.3% year-on-year. The booking heat for low-star/four-star/five-star hotels on TONGCHENGTRAVEL increased by 24%/54%/28% year-on-year, and the booking volume for high-star hotels directly operated by Fliggy increased by over 20% year-on-year.
High enthusiasm for lower-tier markets, national trend tourism, and inbound and outbound travel, with inbound tourism exploding due to policy catalysis.
The holiday tourism market has further penetrated into lower-tier markets, with a reverse trend emerging in county-level markets. On the Qunar platform, hotel booking orders in county-level markets during the May Day holiday increased by 30% year-on-year, with residents from first-tier and new first-tier cities accounting for over 60%. The national trend cultural tourism market is flourishing, with Douyin's life service data showing that short videos on intangible cultural heritage themes received nearly 500 million views during the May Day holiday. The booking volume for tickets to intangible cultural heritage-themed scenic spots on the Trip.com platform increased by 132% year-on-year, and Songcheng Performance received 2.1 million visitors during the May Day holiday, a year-on-year increase of 26%. With the release of the 240-hour visa-free transit policy benefits, combined with the new &#34;immediate purchase and immediate refund&#34; tax refund policy announced on April 9, cross-border travel is thriving. According to data from the National Immigration Administration, the number of inbound and outbound trips by mainland residents during the May Day holiday reached 5.778 million, a year-on-year increase of 21.2%, while residents from Hong Kong, Macau, and Taiwan totaled 4.003 million, a year-on-year increase of 37.1%, and foreign visitors reached 1.115 million, a year-on-year increase of 43.1%.
Cultural and tourism consumption drives the recovery of the catering industry.
According to monitoring by the Ministry of Commerce's big data, the sales revenue of key retail and catering enterprises nationwide during the May Day holiday increased by 6.3% year-on-year, while the sales revenue of key monitored catering enterprises increased by 8.7% year-on-year. According to Meituan Travel, the cultural tourism enthusiasm during the May Day holiday reached a three-year high, with online transaction volume from out-of-town visitors contributing to catering dining increasing by 189% compared to 2023, and the order volume for local specialty dishes increasing by over 105% year-on-year. According to the WeChat Public Account &#34;WeChat Pay,&#34; the number of transactions in the catering industry during the May Day holiday increased by 12.3% compared to last year
Consumption vouchers invigorate the holiday economy, with significant increases in foot traffic in key business districts across multiple regions
On the eve of the May Day holiday, provinces such as Jiangsu, Zhejiang, Henan, and Sichuan have increased the issuance of consumption vouchers to inject stronger vitality into the holiday economy. The foot traffic in 60 key business districts in Beijing increased by 8.3% year-on-year; over 100 commercial circulation enterprises in Nanjing saw sales increase by 8.7% to 1.52 billion yuan year-on-year; the core area of the May Day business district in Changsha recorded a total foot traffic of 1.127 million, with a real-time peak of 215,000, an increase of 22.2% year-on-year.
Risk Warning: The sustainability of demand recovery is not strong, among other factors

300144

MPNGY

03690

TCOM

09961

00780

Huachuang Securities released a research report indicating that during the May Day holiday in 2025, the domestic tourism market will see both volume and price increases, with the number of travelers and total consumption exceeding 2019 levels. It is expected that 314 million people will travel, a year-on-year increase of 6.4%, with total consumption reaching 180.269 billion yuan, a year-on-year increase of 8.0%. The main growth engines are the sinking market, national trend cultural tourism innovations, and inbound and outbound policies. It is recommended to pay attention to the hotel, aviation, duty-free, and cultural performance sectors

- Huachuang Securities reports that the domestic tourism market during the 2025 May Day holiday saw increases in both volume and price, surpassing 2019 levels in visitor numbers and total spending.  
- Key growth drivers include market penetration in lower-tier cities, innovative cultural tourism, and favorable inbound and outbound policies, with significant increases in hotel and airline bookings.  
- The report highlights a stable recovery in demand, with a notable rise in cross-city travel and cultural tourism activities, contributing to a broader economic revival.

Zhitong

Songcheng Performance

Meituan

MEITUAN

Trip.com

TRIP.COM-S

TONGCHENGTRAVEL

BABA-W

TENCENT

ByteDance

Huachuang Securities: The consumption volume and price of May Day cultural tourism both rise, with demand steadily recovering