The longest Spring Festival in history sets new record for passenger flow! Service consumption is "full of energy"!

Source: Securities Times Network Author: Yang Qin

This Year’s Year of the Horse Spring Festival holiday lasted 9 days, the longest in history. The total cross-regional population movement before and after the holiday and the single-day peak both set new records, showing a “horsepower” in population flow.

Consumer enthusiasm is also rising, especially in service consumption. During the first three days of the holiday, domestic travel consumption increased by 4.5% year-on-year; in terms of movies and entertainment, although it did not replicate last year’s blockbuster success of “Nezha 2,” some Spring Festival films received good reviews.

According to data from the Ministry of Transport, the total volume and single-day peak of cross-regional population movement around the Spring Festival in 2026 have both broken historical records. Under the combined influence of the “longest holiday ever” and warmer weather, the population flow scene is more “hot and lively” than in 2025.

According to statistics from Guolian Minsheng Securities’ macro team, during the 2026 Spring Festival travel rush, the volume of population movement has surpassed that of 2025. Besides the traditional “homecoming wave” causing a small peak in travel, another small peak appeared after the second day of the Lunar New Year. This may be due to some people rescheduling their return trips and a segmented holiday pattern of first returning home and then going out again.

Data from Tongcheng Travel shows that this year’s “segmented holiday” phenomenon is more popular than in previous years. It is estimated that the number of air travelers making more than two trips during the entire holiday increased by over 50% year-on-year. Many residents are choosing to combine “returning home to visit relatives” with “going out for vacations.” This also means that many residents are willing to “pay for” the extended holiday.

This Spring Festival, the cultural and tourism market’s boom is not only in outbound travel but also includes inbound tourism.

According to statistics from Guolian Minsheng Securities’ macro team, the popularity of outbound travel has risen significantly. During the Spring Festival, flights to Hong Kong, Macau, Taiwan, and international destinations saw a notable increase compared to 2025. Thailand, South Korea, and Europe have become the top three “hot” destinations.

Moreover, more and more foreign tourists are choosing to visit China during the New Year to experience Chinese traditional culture. According to CCTV, online platform data shows that during the first five days of the Spring Festival holiday, the number of inbound flight tickets increased by 312% year-on-year. The booming inbound tourism has driven various types of inbound consumption, truly bringing “wealth from all directions.”

In terms of consumption, especially service consumption, the growth is remarkable. During the first four days of the holiday, the daily sales of key retail and catering enterprises nationwide increased by 8.6% compared to the same period in 2025; in the first three days, the foot traffic and revenue of 78 key pedestrian streets (commercial districts) monitored by the Ministry of Commerce increased by 4.5% and 4.8%, respectively, laying a solid foundation for a “good start” to the year’s consumption.

Notably, service consumption is “full of vitality.” During the first three days, domestic travel consumption on major platforms increased by 4.5% year-on-year; benefiting from free highway policies during the holiday and the rapid expansion of the nationwide charging station network, car rental orders also increased by 26% in the first three days.

In terms of movies and entertainment, as of February 23, the total box office (including pre-sales) for the 2026 Spring Festival films has exceeded 5 billion yuan.

However, the macro research team at Minsheng Securities believes that due to factors such as film quality, this year’s Spring Festival box office and moviegoer numbers are both relatively low compared to previous years, and it did not replicate the blockbuster success of last year’s “Nezha 2.” This gap once again confirms that, as residents’ consumption willingness steadily recovers, the quality of supply and content innovation have become key variables in turning potential demand into actual consumption.

Additionally, the “national subsidy” policies optimized and upgraded before the Spring Festival have been fully implemented. From home appliances to mobile phones and smart glasses, many people took advantage of the “national subsidy” discounts to purchase electronic New Year goods. Coupled with tax exemptions, the sales of offshore duty-free shops in Hainan during the first four days of the holiday reached 970 million yuan, a year-on-year increase of 15.8%.

(Edited by: Wen Jing)

Keywords: Population Movement Spring Festival