China's Golden Week Travel Boom and Its Implications for Tourism-Linked Sectors

A bustling street in Beijing during Golden Week, with crowds exploring a vibrant market, luxury hotels, and international tourists capturing the scene. The image highlights the blend of domestic and inbound travelers, juxtaposed with outbound travelers at a modern train station.

The annual Golden Week holiday in China has long served as a barometer for the nation's economic vitality. In 2025, the holiday season delivered a mixed but telling picture of recovery and evolving consumer behavior. Domestic tourism revenue reached 700.82 billion yuan ($99 billion) in 2024, a 6.3% year-on-year increase, while cross-provincial trips surged by 5.7% in 2025 compared to the previous year, according to a Global Times report. These figures underscore a resilient domestic travel sector, even as broader economic challenges persist. For investors, the Golden Week's performance highlights strategic opportunities in travel, hospitality, and consumer services, particularly in sectors adapting to shifting demand patterns.

Domestic Tourism: A Foundation for Growth

Domestic tourism remains the backbone of China's travel economy. In 2025, cross-regional passenger trips hit 1.25 billion during the first four days of Golden Week, with cities like Beijing, Shanghai, and Chengdu recording over 5 million daily trips, as the Global Times report notes. This growth is supported by government stimulus, including 150 billion yuan in special treasury bonds allocated to local governments in 2024 to boost consumption, according to the same Global Times report.

Investors should focus on infrastructure and logistics providers, such as railway operators and regional airports, which are critical to handling record-breaking passenger volumes. China's railways, for instance, projected 219 million trips between September 29 and October 10, 2025-a 23.7% increase compared to the same period in 2024, according to a Guanxi report. Additionally, budget-friendly accommodations and regional tourism packages are gaining traction as consumers prioritize value. Companies offering cost-effective yet high-quality domestic travel experiences, such as mid-tier hotels and local tour operators, are well-positioned to capitalize on this trend.

Outbound Travel: A Premium Shift

Outbound travel bookings during Golden Week 2025 rose 28% year-on-year, surpassing 2019 levels by 1%, according to ForwardKeys data. This surge reflects a growing appetite for premium experiences, particularly in long-haul destinations. Japan, for example, saw a boom in Chinese travelers due to a depreciated yen, while European luxury hotels reported three times faster growth in bookings compared to the Asia-Pacific region, according to the Guanxi report.

For investors, this trend points to opportunities in international travel agencies, currency exchange platforms, and luxury hospitality. Companies like Trip.com, which facilitate cross-border bookings, and European hotel chains with 5-star properties (e.g., Accor, Marriott) could benefit from sustained demand. Additionally, the rise in multi-destination itineraries suggests potential for investment in travel tech startups offering itinerary planning and seamless booking integrations.

Inbound Tourism: A New Frontier

Inbound tourism is emerging as a key growth driver. At Beijing's Gubei Water Town, 50% of group visitors during Golden Week 2025 were international tourists, contributing to 53% of total group spending, the Global Times report indicates. This shift aligns with China's broader efforts to attract foreign visitors, including relaxed visa policies and enhanced marketing campaigns.

Investors should consider opportunities in cultural tourism, language services, and international marketing. Local businesses catering to inbound tourists-such as bilingual tour guides, souvenir retailers, and experiential dining chains-stand to gain. Furthermore, partnerships between Chinese and foreign travel platforms could unlock new revenue streams by streamlining cross-border travel and payment solutions.

Consumer Behavior: Frugality Meets Premium Spending

While domestic tourism trips have outpaced 2019 levels, per capita spending during Golden Week 2024 was 2.09% lower than in 2019, according to the Guanxi report. This reflects broader economic caution, driven by a real estate slump and rising unemployment. However, outbound travelers are increasingly allocating budgets to premium experiences, such as luxury hotels and extended stays in Europe, a trend also highlighted in the Guanxi report.

This duality presents a nuanced investment landscape. On one hand, budget-focused sectors like discount retail and value-oriented accommodations remain relevant. On the other, high-end hospitality and experiential services (e.g., Michelin-starred dining, curated cultural tours) are gaining traction. Investors should prioritize companies that balance affordability with quality, such as hybrid models offering tiered pricing or bundled services.

Data query for generating a chart: Line chart comparing domestic tourism trips (2019–2025) and revenue (2019–2025), with annotations for government stimulus and economic trends.

Conclusion: Strategic Entry Points

China's Golden Week travel boom reveals a dynamic market where domestic resilience, outbound premiumization, and inbound growth converge. For investors, the key lies in aligning with sectors that address both frugality and aspirational spending. Infrastructure providers, international travel platforms, and cultural tourism operators are prime candidates for strategic investment. As the Chinese economy continues to recalibrate, those who adapt to these evolving dynamics will be best positioned to capitalize on the Golden Week's enduring influence.