---
title: "Goldman Sachs: Healthy Spring Festival Travel Data, Hotel Industry Performance Shines"
description: "Goldman Sachs report indicates that the Spring Festival travel data is healthy, with domestic tourist numbers increasing by 19% to 596 million, and travel spending rising by 19% to 803 billion yuan. T"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276818110.md"
published_at: "2026-02-25T02:19:17.000Z"
---

# Goldman Sachs: Healthy Spring Festival Travel Data, Hotel Industry Performance Shines

> Goldman Sachs report indicates that the Spring Festival travel data is healthy, with domestic tourist numbers increasing by 19% to 596 million, and travel spending rising by 19% to 803 billion yuan. The number of outbound travelers increased by 24% to 4.8 million, with demand for Southeast Asia and South Korea routes offsetting the decline in Japan routes. The hotel industry performed well, with revenue growth in the mid to high single digits, and airline ticket prices rising by 7% to 15%. Hainan duty-free shops performed poorly, and Macau gaming revenue fell short of expectations. Goldman Sachs is optimistic about hotel and airline stocks such as H World, Atour, Galaxy Entertainment, and Sands China

Goldman Sachs published a report indicating that the overall tourism data during the Spring Festival is healthy, with domestic tourist numbers increasing by 19% year-on-year to 596 million, and tourism spending rising by 19% year-on-year to 803 billion RMB, with a daily average growth of 6%. The number of outbound travelers increased by 24% year-on-year to 4.8 million, with Japan routes decreasing by about 50% year-on-year, but the transfer demand for Southeast Asia and South Korea routes offset some of the impact with a year-on-year increase of 10-40%.

The report stated that the hotel industry performed well during the Spring Festival, with revenue per available room driven by average room rates, growing year-on-year by a mid to high single-digit percentage. Airline ticket prices also performed better than expected, constrained by tight capacity, with domestic route ticket prices increasing by 7% year-on-year and international route ticket prices increasing by 15% year-on-year. Hainan's duty-free shops performed below expectations, with daily average sales only growing by 15%, down to 45% in January, mainly due to a decline in per capita spending. Macau's daily average gaming revenue was 786 million MOP, a year-on-year increase of 5%, falling short of the expected 850 million to 900 million MOP, partly due to a decrease in VIP room win rates.

The firm believes that the fundamentals are more favorable for hotel stocks rated as "buy," including H World-S (01179.HK), Atour (ATAT.US), and Macau stocks including Galaxy Entertainment (00027.HK), Sands China (01928.HK), as well as airline stocks including Air China (00753.HK) and China Eastern Airlines (00670.HK)

### Related Stocks

- [LVS.US - Las Vegas Sands](https://longbridge.com/en/quote/LVS.US.md)
- [ATAT.US - Atour](https://longbridge.com/en/quote/ATAT.US.md)
- [01179.HK - HWORLD-S](https://longbridge.com/en/quote/01179.HK.md)
- [00027.HK - GALAXY ENT](https://longbridge.com/en/quote/00027.HK.md)
- [GXYYY.US - Galaxy Entertainment Group](https://longbridge.com/en/quote/GXYYY.US.md)
- [SCHYY.US - Sands China](https://longbridge.com/en/quote/SCHYY.US.md)
- [HTHT.US - H World](https://longbridge.com/en/quote/HTHT.US.md)
- [AWAY.US - ETFMG Travel Tech ETF](https://longbridge.com/en/quote/AWAY.US.md)
- [PEJ.US - Invesco Leisure & ENT ETF](https://longbridge.com/en/quote/PEJ.US.md)
- [01928.HK - SANDS CHINA LTD](https://longbridge.com/en/quote/01928.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.