The 8-day "super golden week" combining National Day and Mid-Autumn Festival in 2025 drove a strong recovery in consumption and tourism markets. On the transportation front, daily average cross-regional personnel flow reached 304 million person-times, up 6.2% year-on-year, exceeding data from multiple holiday periods this year. Flight volumes from September 29 to October 7 increased 3% year-on-year, with international flights recovering to 92% of 2019 levels.
The tourism market experienced both volume and price growth, with Meituan travel orders increasing over 30%, Trip.com's long-distance travel proportion rising 3%, and Fliggy platform orders from third-tier and below cities growing rapidly. Daily average cross-border passengers for outbound tourism exceeded 2 million person-times, while long-haul group tours nearly doubled.
On the consumption side, Ministry of Commerce data showed that retail and dining sales in the first four days of the holiday increased 3.3% year-on-year, with Beijing's restaurant sector growing 4.8% and Douyin local cuisine group-buying sales surging 76%. At the corporate level, institutions predict Trip.com's full-year revenue to increase 15%. Tourism scenic spot companies such as Xianglu Cultural Tourism and Guilin Tourism launched special activities to attract visitors. Additionally, the liquor industry saw improved demand during the dual holidays, with mid-to-low-end liquor benefiting from banquet scenarios and leading liquor companies accelerating market share concentration.
**Multiple Holiday Data Points Exceed Last Year's Levels, Tourism Market Shows Vitality**
According to Ministry of Transport data, from October 1-8, 2025 (National Day and Mid-Autumn holiday period), daily average cross-regional personnel flow reached 304 million person-times, up 6.2% compared to the 7-day National Day holiday in 2024, outperforming the Ministry of Transport's previous expectation of 3.2% growth, with both railway and self-driving performance exceeding prior expectations.
Looking at 2025's situation, cross-regional personnel flow growth rates were better than this year's Spring Festival, Spring Festival travel rush, Qingming, May Day, Dragon Boat Festival, and summer periods. Regarding civil aviation flight recovery, according to Flight Butler data, flight volumes during the 9-day period around National Day and Mid-Autumn Festival (September 29 to October 7, 2025) increased 3% year-on-year, with domestic flights up 2%, international flights recovering to 92% of 2019 levels (up 10% year-on-year), and regional flights recovering to 83% of 2019 levels (up 11% year-on-year).
Guojin Securities noted that this year's holiday long-distance travel enthusiasm reached nearly the highest level in five years. The national migration scale index also showed that starting from the weekend before the holiday (around September 27), the migration index consistently remained higher than the same period since 2021.
Particularly, domestic and international tourism during the National Day and Mid-Autumn holiday demonstrated significant vitality. For domestic tourism, overall travel demand was strong, with Fliggy data showing transportation products' per-capita booking volume up 5% year-on-year, and hotels, tour packages, and tickets up 4.6% per capita, while holiday travel spending per customer increased 14.6% year-on-year. Qunar data showed domestic popular city hotel bookings increased over 20%, and Meituan travel orders grew over 30%.
Trend-wise, long-distance travel demand was robust, with Trip.com's long-distance travel proportion increasing and Tongcheng's long-haul flight ticket growth accelerating. Meanwhile, the downward market trend was significant, with Tongcheng's non-first-tier city hotel bookings hot, Fliggy's third-tier and below cities growing rapidly, and Meituan's county-level destination bookings increasing over 50% year-on-year.
For outbound tourism, the National Immigration Administration predicted that daily average cross-border passengers would exceed 2 million person-times during the holiday. On Trip.com's platform, nearby countries like Japan and Thailand were favored, while distant destinations like Iceland and Norway saw large order increases. Tongcheng's outbound long-haul group tours nearly doubled, and Qunar's outbound popular destination flight bookings increased 30%.
The tourism market's "volume and price growth" also highlighted consumption vitality. According to Ministry of Commerce data, national key retail and restaurant enterprise sales in the first four days of the holiday increased 3.3% compared to the same period last year. Tourism generally recovered across different regions. According to Beijing Municipal Commerce Bureau data, from October 1-4, key monitored enterprises including department stores, supermarkets, specialty stores, restaurants, and e-commerce achieved sales growth of 0.4% year-on-year, with time-honored restaurants and chain fast food driving restaurant sector growth of 4.8%. Trip.com platform data showed Hunan's first day holiday tourism orders increased 20% year-on-year, with Changsha up 23%. Guangdong and Hubei's local cultural tourism also performed relatively well, with Guangdong's 4A-level and above scenic spots receiving 27.84 million visitors on October 1, up 6.1% year-on-year. From October 1-3, Hubei's A-level tourist attractions received 7.9278 million visitors, up 11.98% compared to 2024.
**Platform Companies Show Strong Data, Tourism Listed Companies Take Active Measures**
Beyond official data, many dual holiday statistics came from platform companies like Trip.com, Meituan, Tongcheng, and Qunar.
Taking Trip.com Group Limited (HK9961) as an example, the company's second-quarter adjusted net profit exceeded market expectations. Guozheng International stated that domestic business maintained steady trends, while outbound and inbound tourism maintained high growth rates. The company's quarterly total revenue is expected to grow 13% year-on-year, with accommodation bookings and transportation bookings up 14% and 9% respectively. As the third quarter is peak tourism season, net profit is expected to improve sequentially. The firm slightly adjusted 2025 revenue forecasts, expecting full-year revenue to grow 15% year-on-year, with accommodation bookings and transportation bookings up 17% and 10% respectively. Full-year adjusted net profit was raised 6% to 18.8 billion yuan, with an expected net profit margin of 30.6%.
Additionally, scenic spot listed companies launched numerous special activities during the National Day and Mid-Autumn dual holidays. For instance, Xianglu Cultural Tourism's nationally renowned film and television brand "Kekatong" has launched multiple animated works including the "Mysterious World Adventure" series, "Crazy! Gui Bao" series, "Firefly Special Forces," and "Journey to the West: The Demons Strike Back." The company will continue focusing on quality animated content creation and exploring more film and television themes that meet market demand.
During the dual holiday golden week, the company coordinated core regional scenic spots including Greater Huangshan, Greater Western Hunan, and Greater Nanling areas to launch series of characteristic cultural tourism activities. The Greater Huangshan area's Qiyun Mountain Resort innovatively presented intangible cultural heritage charcoal flower dance, Hengjiang dragon dance, and Huizhou big fish lantern parades. The Greater Western Hunan area's Yellow Dragon Cave scenic spot integrated Tujia ethnic intangible cultural heritage elements and created immersive "Cave Moon" scenes. The Greater Nanling area's Mangshan Five Finger Peak launched "Clean Mountain Special Forces" environmental protection activities and "Immortal Cultivation Conference" fantasy experiences. Danxia Mountain scenic spot launched the "The King Called Me to Patrol the Mountain" themed activity, building complete day-night experience chains, with the "Fire Tree Silver Flower" spectacle becoming a phenomenal experience. Bifengxia scenic spot led tourists into the Forest Kingdom for natural adventures with animal friends.
Another example is Guilin Tourism (000978), which combined traditional festivals to launch series of themed tourism products, attracting large numbers of visitors. On September 19, the company planned the "Singing Folk Songs to Tour Guangxi · 2025 Guangxi Song Super Alliance" brand IP activity, creating cultural tourism festivities integrating tourism experiences, intangible cultural heritage, and singing competitions. In product innovation, it partnered with the "Updated · Forbidden City" cultural creative team to create the "Updated · Guilin" cultural creative brand, launching characteristic cultural creative products with national trend elements.
Songcheng Performance Development (300144) also worked meticulously. On September 30, when answering investor questions on interactive platforms, Songcheng Performance stated that to create safe and comfortable environments for tourists, Guangdong Qiangu Qing scenic spot had comprehensively strengthened park management, including daily park safety inspections and professional disinfection of key areas, increasing disinfection frequency for high-touch tourist areas and mosquito breeding environments. All disinfection work avoided peak tourist flows to not interfere with tourist experiences. The company also added mosquito elimination lights, strengthened drainage clearing, and provided free mosquito repellent services.
**Restaurant and Other Consumption Scenarios Achieve Rapid Growth, Liquor Sales Improve Sequentially**
During the National Day and Mid-Autumn holiday, driven by residents' travel and dining activities, restaurant and other consumption scenarios achieved relatively rapid year-on-year growth. According to CCTV, platform data showed that during this year's Mid-Autumn Festival, restaurant occupancy rates increased significantly year-on-year, with 3-4 person private rooms focusing on family reunion scenarios seeing occupancy rates increase over 90% year-on-year. According to Gaode Street Scanning List data, on the first day of the holiday, small local establishments saw traffic increase 300% sequentially, while Gaode local lifestyle restaurant industry orders grew 150% year-on-year.
Douyin Life Services released National Day holiday consumption data on October 8, showing local cuisine Douyin group-buying sales increased 76% year-on-year, autumn beverages grew 57%, holiday parent-child restaurant Douyin group-buying sales increased 99% sequentially, and multi-person dining group purchases grew 51% sequentially.
Furthermore, with rapid growth in restaurant and other consumption scenarios, demand for beer, seasonings, and other restaurant chain-related products received some boost, particularly liquor sales improved sequentially. Cathay Haitong Securities noted that premium liquor benefited from gift-giving scenario demand and price decline stimulating demand, with sales improving significantly sequentially. According to Moutai's official WeChat account, September terminal sales increased approximately 100% sequentially and over 20% year-on-year.
Additionally, stable wholesale prices of Moutai and Wuliangye during peak season confirmed warming demand for premium liquor during dual holidays. From late September to present, original box Feitian Moutai wholesale prices remained stable around 1,780 yuan, while regular Wuliangye wholesale prices stayed around 840 yuan. Mid-to-low-end liquor benefited from improved banquet scenarios and consumption downgrades, with sales outperforming the industry. By brand, second and third-tier brands and non-famous liquors declined significantly more, while leading liquor companies' market share concentration continued accelerating.
(Individual stocks mentioned in the article are for analytical examples only and do not constitute buy/sell recommendations.)