12 Tage langes "perfekt zusammengesetztes Urlaubspaket", wessen Taschen füllen sich mit dem Geld aus der Goldenen Woche?
"Perspective" is a newly launched lightweight data graphic column by 36Kr - using data to analyze trends and pictures to present key points.
"Talk is Cheap. Show me the data."
Author: Xie Yunzi
The National Day has always been an important window to observe consumption changes. The arrival of this year's extra - long Golden Week will set new highs in various travel indicators.
Chart by 36Kr
The Ministry of Transport predicts that during the National Day and Mid - Autumn Festival holidays in 2025 (from September 29th to October 10th), the national railways are expected to transport about 219 million passengers, a 7.5% increase compared to the same period last year; civil aviation is expected to operate a total of 139,000 passenger flights, with a daily average year - on - year increase of 5.7%. Multiple travel platforms also show that the number of people traveling during this year's holidays has increased significantly year - on - year, and tourism and consumption may enter a full - scale peak period.
Chart by 36Kr
Reflected in the capital market, since September, the performance of tourism stocks has shown a differentiated trend. Looking at the financial reports of major enterprises in the first half of the year, whether it is market value or net profit attributable to the parent company, Ctrip Group leads by a huge margin.
Chart by 36Kr
Airlines with large revenue volumes are generally in a state of loss due to reasons such as the macro - environment and cost fluctuations. Perhaps for this reason, during this year's Golden Week, airlines have abandoned the "air ticket price war", and consumers generally complain about the rising air ticket prices and high seat selection fees.
Chart by 36Kr
In addition, it is worth noting that, except for leading enterprises such as Ctrip, China Duty Free Group, and Huazhu, many small and medium - sized hotels, travel agencies, and scenic spots are in a state of long - term marginal profit or even loss. From this perspective, the profits of the entire tourism industry chain are more concentrated in Ctrip.
Chart by 36Kr
Perhaps for this reason, JD.com has set its sights on the OTA market. In June this year, Liu Qiangdong clearly stated that "when the profit of any platform enterprise is too high, the profits of the upstream and downstream also decrease, and the entire industry will not be good." At the same time, JD.com announced a "zero - commission policy" for merchants. Immediately afterwards, Douyin also implemented a strategy of waiving commissions for hotel bookings by scanning codes starting from October 1st.
In fact, there are many participants in the OTA market, but no one has truly shaken the position of Ctrip Group.
Chart by 36Kr
QuestMobile data shows that in October 2022, the monthly active user numbers of Ctrip and Qunar were several to dozens of times that of other travel platforms. As of October 2024, this gap is still widening. In January this year, Ctrip also announced that it would invest over 100 million yuan in resources to help merchants reduce burdens. It is believed that in the future, the OTA industry will present a situation of "comparing prices across multiple platforms". At least for a period of time, the interests of the industry chain will tilt towards small and medium - sized enterprises downstream.