China's Golden Week travel surge masks cautious consumer spending
TCOM•Chinese travellers are booking longer holidays and travelling farther for a 13-day break, but analysts say weak consumer demand may keep spending per person under pressure. An August survey found 54% of respondents planned overseas trips, up from 35% a year earlier.
1. Longer holiday bookings
Travellers are combining the seven-day Golden Week beginning October 1 with the Mid-Autumn Festival for a 13-day break. Last year's Golden Week saw average spending per trip fall to a three-year low of 911.04 yuan ($135.70), based on government data.
2. Overseas demand grows
Travel agent Spring Tour said long-haul packages to destinations including Spain and Portugal, Northern Europe and New Zealand sold out by mid-August. A survey conducted by Dragon Trail International in August found 54% of respondents planned overseas trips during the holiday period, compared with 35% a year earlier. Trip.com Group said bookings for hotel stays of at least seven nights rose 123% from last year's Golden Week, while multi-destination itineraries climbed 84%.
3. Spending remains cautious
Analysts said stronger travel volumes may not lead to higher spending per traveller. Forthright Securities analyst Ailsa Liao said consumers remain cautious about spending, and that the extended holiday should produce record travel numbers but showed no evidence of a structural increase in daily spending.
