According to a research report from BOC International, data from the Ministry of Culture and Tourism shows that during the 9-day Spring Festival holiday period, domestic trips in China reached 596 million, averaging 66 million trips per day, a year-on-year increase of 5.7%. Total domestic tourism spending amounted to 803.483 billion yuan, with average daily spending of 89.276 billion yuan, up 5.5% year-on-year, setting a new historical record. The combination of Hainan's customs closure policy and other policy benefits resulted in robust sales in Hainan's offshore duty-free market during the holiday. According to Haikou Customs statistics, duty-free shopping sales in the offshore area reached 2.72 billion yuan, with 325,000 shoppers, representing year-on-year increases of 30.8% and 35.4%, respectively. Furthermore, driven by visa-free policies, celebrating the Chinese New Year in China has become a new global trend, making inbound tourism a new highlight of the Spring Festival holiday. Key insights from BOC International are as follows:

The extended Spring Festival holiday ignited strong travel enthusiasm, with both the number of trips and average daily cultural tourism spending hitting record highs. Data from the Ministry of Culture and Tourism indicates that the 9-day holiday saw 596 million domestic trips, averaging 66 million per day, a 5.7% year-on-year increase. Total domestic tourism expenditure reached 803.483 billion yuan, with average daily spending of 89.276 billion yuan, up 5.5% year-on-year, setting a new record. The average spending per customer was 1,348.13 yuan, or 149.79 yuan per day, a decrease of 11.3% year-on-year. Data from the Ministry of Transport shows that cross-regional passenger flow during the holiday totaled 2.81 billion trips, averaging 310 million per day, an 8.2% year-on-year increase.

Several leading popular scenic spots reported double-digit growth in visitor numbers. During the holiday, major natural scenic spots such as Huangshan, Changbai Mountain, Emei Mountain, and Jiuzhaigou all saw year-on-year growth in visitor numbers exceeding 10%. Projects under Xiangyuan Cultural Tourism reported cumulative visitor numbers and revenue both increasing by over 30% year-on-year. In the cultural tourism performance sector, Songcheng's 11 "Eternal Love" shows staged a total of 580 performances, with the "Xi'an Eternal Love" show setting a new single-day record of 21 performances, along with record attendance numbers.

The combination of Hainan's customs closure policy and policy benefits fueled strong offshore duty-free sales. According to Haikou Customs statistics, duty-free shopping sales in the offshore area reached 2.72 billion yuan, with 325,000 shoppers and 1.997 million items sold, representing year-on-year increases of 30.8%, 35.4%, and 21.9%, respectively. During the holiday, the four duty-free stores in Sanya achieved total sales of 1.96 billion yuan, a 23.7% year-on-year increase. Specifically, on February 21st, sales from the four offshore duty-free stores in Sanya reached 242 million yuan, a surge of 214.5% year-on-year, marking the seventh consecutive day with sales exceeding 200 million yuan and setting the strongest performance for any Spring Festival holiday period on record.

Cross-border travel saw a significant increase in visa-free inbound tourist numbers, while long-haul outbound travel gained popularity. Data from the National Immigration Administration shows that during the holiday, immigration authorities inspected a total of 17.796 million inbound and outbound trips, averaging 1.977 million per day, a 10.1% year-on-year increase in the daily average. Among these, mainland Chinese residents accounted for 9.514 million trips, with a daily average increase of 10.2%; residents from Hong Kong, Macao, and Taiwan accounted for 6.969 million trips, with a daily average increase of 8%; foreign nationals accounted for 1.313 million trips, with a daily average surge of 21.8%. Among inbound foreigners, 460,000 entered under visa-free policies, representing a 28.5% increase in the daily average compared to the previous year's holiday. Outbound travel trends showed a shift from traditional Southeast Asian "warm winter" trips to European winter sports trips, boosted by the Milan Winter Olympics, and deeper exploration of niche destinations like Russia's Lake Baikal and Murmansk, reflecting a trend towards "popularity of long-haul trips and upgraded experiences."

Driven by visa-free policies, celebrating the Chinese New Year in China has become a new global trend, making inbound tourism a standout feature of the holiday. Data from the People's Bank of China indicates that the daily average number and value of payment transactions processed by UnionPay and NetsUnion for overseas visitors to China increased by 78.10% and 44.33%, respectively. Bookings by Russian tourists saw a 471% year-on-year increase, while bookings by South Korean tourists grew by 95%.

Travel characteristics were influenced by the extended holiday, leading to longer travel distances. Mafengwo data shows that long-haul trips of 5 days or more accounted for 59.6% of total bookings, with the average trip duration reaching 6.4 days. Cultural tours featuring intangible cultural heritage experiences gained popularity. According to Mafengwo, searches for "intangible cultural heritage experiences" during the holiday increased by 180% year-on-year, with the post-00s generation being the largest demographic, becoming the core group for these experiences. "Reverse migration" for the New Year became a trend, reshaping holiday consumption patterns. Qunar data indicates that among travelers flying to first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen during the holiday, 18% were over 50 years old, with travelers aged 60 and above increasing by over 10% year-on-year. Hotel bookings by individuals aged 60 and above rose by 56% year-on-year. First-tier cities gradually broke the tradition of becoming "empty cities" during the holiday, boosting consumption in high-end hotels and tourism.

Investment recommendations suggest that the 2026 Spring Festival holiday domestic tourism market set new records in both trip numbers and spending, with the inbound tourism market performing exceptionally well. Driven by policies promoting service consumption, companies in the cultural tourism industry chain are expected to maintain high growth momentum. The report recommends focusing on travel chain and related industry companies with high-quality resources, strong operations, and potential for external growth: Guangzhou Lingnan Group Holdings Company Limited (000524.SZ), TONGCHENGTRAVEL (00780), Changbai Mountain Tourism Co.,Ltd. (603099.SH), Huangshan Tourism Development Co.,Ltd. (600054.SH); chain hotel brands benefiting from the recovery of business travel and increased market share post-pandemic, such as Btg Hotels(Group)Co.,Ltd. (600258.SH); and companies in the duty-free market benefiting from multiple policy tailwinds expected to drive sales, such as China Tourism Group Duty Free Corporation Limited (601888.SH) and Wangfujing Group Co.,Ltd. (600859.SH).

Risk factors include potential insufficient recovery in travel demand and slower-than-expected macroeconomic recovery.