Shares of Trip.com (TCOM, Financial) dropped more than 1.5% in pre-market trading, priced at $64.01. This decline follows a report from Anxin International regarding China’s 2024 National Day holiday. During the 7-day holiday, domestic tourism revenue reached 708 billion yuan, aligning with earlier projections, and representing a 6.3% year-over-year increase in daily average terms.
The report highlighted that the average spending per tourist during the holiday was 916 yuan, consistent with last year's National Day holiday, indicating that macroeconomic factors continue to pressure consumer spending. The holiday period also saw a trend of increased volume but reduced prices in domestic hotels and airfare.
Domestic aviation carried an average of 2.3 million passengers daily, up 11% year-over-year, and 22% higher than the same period in 2019. However, the average price for an economy class ticket dipped 15% to 845 yuan year-on-year.
Hotel prices in China decreased by 8% compared to last year and 2% compared to 2019, though the year-on-year decline was less severe than in the second quarter.
