Shenwan Hongyuan released a research report stating that the 2025 Spring and Autumn holiday and snow holiday policies have significantly boosted off-season tourism demand, making staggered travel the new norm, with scenic spots and tourism enterprises benefiting notably.
According to flight data, the average price of domestic round-trip tickets to Sichuan, Zhejiang, Guangdong, and Hubei is approximately RMB 700, up about 7% year-on-year. Flight and hotel bookings for popular destinations such as Chengdu to Sanya and Xishuangbanna have surged. The policy mix (government subsidies + financial support + merchant discounts) has effectively stimulated consumer willingness, making cultural tourism and the snow sports industry key investment opportunities.
High-demand scenic spots and quality supply remain scarce, with study tours, family trips, and frequent snow-related consumption emerging as market highlights. Shenwan Hongyuan's key insights are as follows:
**Spring and Autumn Holidays Drive Unexpected Market Recovery** The 2025 Spring and Autumn holiday policy has been implemented, with education departments in multiple provinces adopting it. Zhejiang, Guangdong, and Hubei introduced autumn breaks, with Zhejiang being the first province to implement a unified policy, followed by Sichuan on November 4. These holidays, often connected with Labor Day and National Day, create "mini golden weeks" of 3–7 days. In Hangzhou, for example, the 3-day autumn break directly precedes the 8-day National Day holiday, allowing up to 11 consecutive days off, easing peak travel pressure and promoting staggered tourism.
During the autumn break, family travel surged, accounting for over 53% of trips nationwide. Study tour participation at Chengdu’s Qingcheng Mountain-Dujiangyan Scenic Area rose more than 50% year-on-year. Flight data shows ticket prices to Sichuan, Zhejiang, Guangdong, and Hubei averaged RMB 700, up 7% YoY, while bookings for Chengdu-Sanya and Xishuangbanna routes soared.
Sichuan’s scenic spot ticket reservations grew 3.4x YoY and 1.4x compared to the five days before the break, with tourism spending up 25%. Popular destinations like Jiuzhaigou and Yandang Mountain sold out tickets, driving additional in-park consumption. Study tours and family trips became core growth drivers, exceeding market expectations and supporting full-year tourism consumption growth.
**Snow Holiday Policy Accelerates Winter Tourism** Winter "snow holidays" have revitalized the snow sports industry. Urumqi and Altay offer free skiing experiences, discounted lodging, and transport for students, alongside cultural and study activities. Jilin launched its new snow season on November 22, distributing RMB 100 million in snow-related vouchers and implementing transport incentives to attract visitors.
Meituan data shows rising search interest for "snow routes" such as Xi’an-Lhasa, Chengdu-Urumqi, and Guangzhou-Harbin since November.
**Subsidies Boost Multi-Sector Service Consumption** Service consumption policies continue to gain traction, with the Ministry of Commerce and nine departments issuing measures to expand service consumption, covering supply optimization, demand stimulation, and fiscal support.
During the 2025 National Day and Mid-Autumn Festival holidays, over 29,000 cultural tourism events were held nationwide, with consumption subsidies exceeding RMB 480 million. Fuzhou distributed RMB 7 million in subsidies via Ctrip and Meituan, generating RMB 26.29 million in tourism spending. Guangdong issued RMB 20 million in tourism vouchers, Chengdu allocated RMB 10 million for lodging, and Huaihua, Hunan, provided RMB 2.6 million in cultural tourism subsidies.
Through ticket-linked spending, performances, scenic spots, dining, lodging, and transport synergize, with a single ticket driving urban consumption at a ratio of up to 1:30.
**Recommended Stocks**: - China Three Gorges Tourism (002627.SZ) - Huazhu Group (01179) - Atour Lifestyle (ATAT.US) - Jiuhua Mountain Tourism (603199.SH) - BTG Hotels Group (600258.SH)
**Risks**: Uncertainty in overseas demand, intensifying industry competition, and macroeconomic fluctuations.
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