BUSINESS

China’s Golden Week Travel Boom Masks Frugality

By Bao Yunhong, Zou Xiaotong and Kelsey Cheng

Published: Oct. 9, 2025 7:09 p.m. GMT+8

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Travelers made a total of 888 million domestic tourism trips during the eight-day break. Photo: IC Photo

China's National Day holiday saw record-breaking travel numbers but weaker average spending, highlighting a widening gap between leisure activity and actual consumption as the world's second-largest economy struggles to boost domestic demand.

Travelers made a total of 888 million domestic tourism trips during the eight-day break, which combined the National Day and Mid-Autumn Festival holidays, up 16% from the seven-day break last year, according to the Ministry of Culture and Tourism.

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China’s National Day holiday saw 888 million domestic tourism trips and 809.1 billion yuan ($113.6 billion) in spending, both up over 15% year-on-year.
Average per-trip spending fell to 113.9 yuan, lower than last year and pre-pandemic levels, reflecting cautious consumer behavior despite record travel.
Box office revenue dropped 13% to 1.84 billion yuan, and major film company shares fell over 10%, highlighting uneven sector performance.

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Who’s Who

Trip.com Group Ltd.: Trip.com Group Ltd. reported that long-haul international trips to Europe, specifically Iceland and Norway, doubled year-on-year, indicating a growing interest in these destinations among outbound Chinese travelers. This occurred during a period where international travel generally picked up due to looser visa rules.

Meituan: According to the article, Meituan reported a 51% jump in hotel bookings for county-level destinations during the National Day holiday, compared to the same period last year. This indicates a trend of tourists favoring smaller towns and rural areas.

Bona Film Group Co. Ltd.: Bona Film Group Co. Ltd. is a Chinese entertainment company. Its shares (001330.SZ) experienced a significant drop, plunging over 10%, when A-share markets reopened on October 9th. This decline followed the underwhelming performance of China's National Day box office, which recorded its second-weakest performance since 2019.

Beijing Enlight Media Co. Ltd.: Beijing Enlight Media Co. Ltd. (300251.SZ) is a company whose shares plunged more than 10% when A-share markets reopened on October 9th. This decline followed the National Day box office grossing only 1.84 billion yuan, a 13% year-on-year decrease and its second-weakest performance since 2019.

Hengdian Entertainment Co. Ltd.: Hengdian Entertainment Co. Ltd. (603103.SH) is a major player in China's film industry. The company's shares, along with those of Bona Film Group and Beijing Enlight Media, experienced a significant drop, plunging over 10% when A-share markets reopened on October 9th. This decline followed a weak performance at China's National Day box office, which grossed only 1.84 billion yuan, marking its second-weakest showing since 2019.

AI generated, for reference only