A report from Citi notes that according to China's Ministry of Culture and Tourism, domestic tourist trips during the five-day May Day Golden Week reached 325 million, generating industry revenue of 185.5 billion yuan. This represents year-on-year growth of 3.6% and 2.9%, respectively, implying a 0.7% decline in per capita spending. The bank maintains its "Buy" ratings on Trip.com Group Limited (TCOM.US) and Tongcheng Travel (00780), with an ADR target price of $82 for Trip.com and a target price of HK$28 for Tongcheng Travel. Citi views the overall data as uninspiring but notes that spring break holidays announced in several regions may have drawn some tourism activity forward. The bank believes hotel business performance for online travel platforms likely remained healthy, although air ticket booking performance may have been weaker due to higher fares compared to the previous year. Given rising oil prices, the weakness in cross-border travel data is not considered surprising.