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 ever. The total cross-regional population movement before and after the festival and the single-day peak both set new records, making the population flow picture “full of energy.”

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 before and after the 2026 Spring Festival have set new records. Under the combined influence of the “longest holiday in history” and warmer weather, the population flow scene is more “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 “returning home” peak, there was another smaller peak after the second day of the Lunar New Year. This may be due to some people returning to work earlier and a segmented holiday pattern of “returning home first, then going out again.”

Data from Tongcheng Travel shows that this year’s “segmented holiday” phenomenon is more popular than in previous years. The total number of air travelers during the holiday is expected to increase by over 50% compared to last year, with many residents choosing to combine “returning home to visit relatives” and “going out for vacations.” This also indicates that many residents are willing to “pay” for the extended holiday.

This Spring Festival, the cultural and tourism market is booming not only in outbound travel but also in inbound travel.

According to Guolian Minsheng Securities’ macro team, outbound travel is significantly rising. During the Spring Festival, flights to Hong Kong, Macau, Taiwan, and international destinations operated notably more flights than in 2025. Thailand, South Korea, and Europe have become the top three “hot” destinations.

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

In terms of consumption, especially in services, 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 strong 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 toll policies during the holiday and the rapid expansion of the nationwide charging pile 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 film releases has exceeded 5 billion yuan.

However, the macro research team at Minsheng Securities believes that due to factors like film quality, this year’s Spring Festival box office revenue and moviegoer numbers are both relatively low compared to previous years, and it did not replicate the phenomenal 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 transforming potential demand into actual consumption.

Additionally, the “national subsidy” policy that was optimized and upgraded before the Spring Festival has 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 flow Spring Festival