Galaxy Securities: Extended Holidays Empowerment, Platforms and Duty-Free Sector Welcome Benefits

CryptocurrencySniper · 2026-02-04T00:50:16+00:00

Galaxy Securities research report indicates that the travel market during the 2026 Spring Festival holiday will be highly prosperous, with domestic and international travel demand releasing, and OTA platform bookings increasing significantly, which is beneficial for platform revenue and profit growth. The duty-free industry also benefits from the tourism boom and consumption growth in Hainan.

CryptocurrencySniper

2026-02-04 00:50:16

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Galaxy Securities Research Report states that the 2026 Spring Festival holiday is called the “Strongest Spring Festival Holiday in history.” The overall travel market during the Spring Festival shows high prosperity, with domestic and international travel demand fully released. OTA platforms, as the core entry point for travel bookings, fully handle various reservations such as domestic tours, inbound and outbound flights, hotel bookings, and travel products. Pre-holiday bookings have significantly increased year-on-year, benefiting platform revenue and profit growth. The leading duty-free industry players benefit from the expected closure of Hainan and the rising popularity of tourism in Hainan, as extended stays boost duty-free consumption, simultaneously delivering performance dividends.

Full Text Below

【Galaxy Social Service Consulting Hui Min】Industry Dynamics 2026.1 | Super Long Holidays Empowerment, Platforms and Duty-Free Sectors Welcome Benefits

Key Points

Event: The social service industry experienced a 5.93% increase/decrease this month, with sub-sectors as follows: Professional Services (10.37%), Hotels & Catering (5.56%), Tourism & Scenic Spots (4.10%), Education (1.29%)

Important Industry News & Updates: 1) On January 29, the General Office of the State Council issued the “Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption,” focusing on nine major areas including transportation, housekeeping, cultural tourism, and sports; 2) Hainan offshore duty-free sales are booming: as of January 27, after the closure of Hainan, offshore duty-free sales reached 6.28 billion yuan, with 81,000 shoppers, representing YoY increases of 35.9% and 21%, respectively.

Spring Festival Travel Data Outlook:

The Spring Festival travel volume may hit a record high, with increased railway and civil aviation capacity: According to information from the State Council press conference, the total cross-regional population flow during the 2026 Spring Festival is expected to reach 9.5 billion person-trips, a YoY increase of 5.3%, with a slowdown of 0.9 percentage points compared to the National Day and Mid-Autumn Festival holidays. This is mainly due to the longer Mid-Autumn and National Day holidays in 2025, which concentrated travel demand and led to higher travel volumes. Among travel modes: 1) Railway passenger volume during the Spring Festival is expected to reach 540 million, a YoY increase of 5.1%, with a 2.5 percentage point increase compared to the National Day and Mid-Autumn Festival, thanks to additional and optimized train services, with overall passenger capacity up 5.3% YoY; 2) Civil aviation transportation volume is expected to reach 95 million, a YoY increase of 5.3%, with a 1.9 percentage point increase compared to the previous holidays. The Civil Aviation Administration will ensure about 19,400 flights daily, a 5% YoY increase. According to Flight + Travel data, as of January 29, domestic flight bookings exceeded 7.16 million, with daily ticket bookings up 16% YoY. High-frequency booking data and official capacity forecasts align, reflecting strong demand for civil aviation travel. Coupled with steady flight supply, this is expected to support simultaneous improvement in Spring Festival civil aviation passenger flow and revenue levels.

The super long holiday combined with “pin holiday” (taking leave to extend holidays) leads to concentrated travel demand: This year’s Spring Festival holiday is called the “strongest in history,” combined with the “5 days off for 15 days” booking model, significantly increasing early return trips and travel. Flight + Travel data shows domestic flight ticket bookings from February 2-14 increased by 8% YoY. Meanwhile, OTA platforms like Ctrip and Tongcheng have reported that this year’s Spring Festival is expected to be the “hottest in recent years.”

Domestic Tours: Diversified travel modes emerge, with destinations resonating across the north and south. Domestic travel shows a pattern of “southward for warmth, northward for snow,” with bright performances across various segments. Benefiting from the first Spring Festival after the border closure and favorable climate, Hainan’s tourism heat has surged. Data from Tongcheng shows that as of January 27, hotel bookings in Hainan increased by 191%, with Haikou and Sanya hotel bookings up 227% and 167%, respectively, likely boosting duty-free consumption. Snow tourism is also popular, with Harbin ranking among the top destinations on platforms like Ctrip, Tongcheng, and Tuniu during the Spring Festival. Snow resorts in Jilin, Liaoning, and Xinjiang remain hot, with ski resort bookings at Changbai Mountain Wanda and Wanfeng Tonghua increasing about 15% YoY.
Inbound and Outbound Travel: The combination of visa-free policies and super long holidays continues to boost market vitality. Outbound travel, especially to countries like Russia and Turkey, is rising: data from Tongcheng shows that bookings for flights and related products to these countries as of January 27 increased by 113% and 248% YoY, respectively. The extended holiday period also expands residents’ travel radius: data from Zhongxin shows a significant increase in deep European long-distance travel bookings, with a 90% YoY increase in outbound trips. For inbound travel, “coming to China for Spring Festival” has become a new trend. Benefiting from the latest visa-free policies, Ctrip reports that bookings for inbound trips to Russia and South Korea increased by 471% and 95% YoY, respectively, indicating potential for cross-border consumption.

Investment Recommendations

The overall travel market during the 2026 Spring Festival shows high prosperity, with domestic and international travel demand fully released. OTA platforms, as the core booking channels, handle various reservations such as domestic tours, inbound and outbound flights, hotels, and travel products. Pre-holiday bookings have significantly increased YoY, benefiting platform revenue and profit growth. Leading duty-free companies benefit from the expected closure of Hainan and rising tourism in Hainan, with longer stays driving duty-free consumption and delivering performance dividends.

Risk Warnings

Risks of intensified industry competition; macroeconomic downturn risks; policy risks.

(Source: People’s Financial News)

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