China's Extended Golden Week Fuels Travel Boom, But Spending Stays Tight

Chinese travellers are seizing an extended National Day holiday to book longer and more distant trips, but analysts caution that record travel volumes may not translate into higher spending as household budgets remain tight.

The seven-day Golden Week, which began on October 1, merged with the Mid-Autumn Festival that fell on September 25 this year, giving holidaymakers a 13-day break. The period is traditionally seen as a barometer of consumer demand, but it arrives amid weak spending, deflationary pressures and a prolonged property market slump affecting mortgage holders, tenants and landlords.

Travel volumes climbed during last year's Golden Week, yet average spending per trip fell to a three-year low of 911.04 yuan ($135.70), according to calculations based on government data. Analysts see a similar pattern emerging this year.

"Consumers still have a strong appetite for travel, but they remain cautious about how much they spend," said Ailsa Liao, a senior analyst at Forthright Securities. "The result is a K-shaped spending pattern: volumes can be strong even as spending per consumer remains under pressure."

To encourage spending, the government launched a month-long "National Day Cultural and Tourism Consumption Month" campaign on September 22. China Railway also added high-speed and overnight services during a 16-day peak transport period.

Outbound travel has been a bright spot. Shanghai-based Spring Tour said multi-country itineraries were popular, with long-haul packages to Spain, Portugal, the Balkans, Northern Europe, Greece and New Zealand selling out by mid-August. Routes to Central Asia, the Caucasus and Australia also sold out early. More than half of Spring Tour's long-haul travellers departed before September 25.

A survey by marketing firm Dragon Trail International found that 54% of respondents planned overseas trips during the holiday period, up from 35% a year earlier. "The market is more cost-sensitive than previously, with greater attention on getting value for money from the travel experience," said Sienna Parulis-Cook, the firm's director of marketing and communications. Only 5% of respondents planned to stay in luxury hotels, while mid-range options were the most popular at 33%.

Trip.com Group reported that more than half of outbound flight bookings were for departures before October 1, with average trip duration exceeding nine days. Hotel bookings of at least seven nights rose 123% compared with last year's Golden Week, while multi-destination itineraries increased 84%.

Despite the surge in activity, Forthright Securities' Liao said there is no evidence of a structural jump in daily spending. Per capita tourism spending fell during both the 2025 National Day holiday and the 2026 Spring Festival, she noted. "More travellers do not necessarily mean proportionately higher profits," Liao said.

For some, the lengthy break itself is reason enough to travel. Beijing resident Kenny Zhao, who works at a real estate company, plans to spend five days in Japan. "It feels like a waste to stay at home during such a long holiday," he said.