China's average spending per domestic trip fell to a four-year low during the 2026 Golden Week holiday, despite strong travel demand and a rise in overseas bookings. The trend highlights the contrast between restrained domestic consumer spending and growing interest in international travel among Chinese travellers.

Average spending per domestic trip during the seven-day holiday declined 1.9% to 893.92 yuan (USD 133.51), compared with 911.04 yuan a year earlier, according to Reuters calculations based on government data published on Friday. The figure was the lowest since 2022, when spending dropped to 680.60 yuan during the country's strict COVID-19 restrictions.

The National Day holiday, which began on October 1, is one of China's longest public breaks. Spending per trip is closely watched as an indicator of consumer confidence. However, a prolonged property downturn, slow wage growth and a soft job market have continued to weigh on household sentiment.

Ailsa Liao, senior analyst at Forthright Securities, said Chinese consumers have a "strong willingness to spend, but weak confidence". She added that uncertainty over income and employment prospects remained a key constraint on consumption.

Longer Overseas Trips Drive Travel Demand

Although this year's Golden Week holiday was one day shorter than last year's, many travellers combined it with the Mid-Autumn Festival holiday, which fell between September 25 and 27. This created an opportunity for a potential 13-day break, encouraging longer international trips.

According to Trip.com Group, more than half of outbound flight bookings made through the platform were for departures before October 1, with average trip lengths exceeding nine days. Bookings for overseas hotel stays of at least seven nights increased 123% year-on-year, while multi-destination itineraries rose 84%.

Sienna Parulis-Cook, director of marketing and communications at Dragon Trail International, also reported stronger outbound travel demand. An August survey conducted by the marketing firm found that 54% of respondents planned overseas trips during the holiday period, compared with 35% a year earlier.

However, travellers continued to consider value when making accommodation choices. Only 5% of respondents planned to stay in luxury hotels, while mid-range accommodation was the most popular choice at 33%.

"Consumers are willing to travel farther, but they are still spending selectively," said Liao of Forthright Securities.

Domestic Hotel Performance Remains Under Pressure

Domestic hotel figures also indicated cautious spending during the holiday period. According to Jefferies analysts, citing InnHome data, average revenue per available room (RevPAR) declined 0.5% year-on-year between October 1 and 5, while average daily room rates fell by around 2%.

The figures suggest that stronger travel activity has not necessarily translated into higher spending across China's domestic hospitality sector. The cinema industry also experienced a weaker holiday period. Revenue during the National Day holiday reached 1.16 billion yuan, down 36.6% from a year earlier and marking the lowest National Day holiday box office since 2014, according to Chinese film industry analysis platform Maoyan.

Citi analysts said cinema takings during the first four days of the holiday were lower than during the COVID-19 pandemic. They attributed the decline to a "lack of blockbusters" and holidaymakers choosing travel over cinema visits. The National Day holiday is traditionally one of China's biggest box-office periods, alongside the Lunar New Year, making this year's decline another indicator of pressure on domestic discretionary spending.

Outbound Travel Outlook Remains Positive

Despite the subdued domestic spending figures, travel agencies have reported encouraging signs for international travel beyond the holiday period. Spring Tour, the tourism arm of Shanghai-based Spring Group, said visa application volumes in September more than doubled from a year earlier. Popular destinations included Italy, Spain, France, Australia, the United States and Canada.

The company noted that many travellers complete visa applications well ahead of departure and plan trips after major holidays to avoid peak-season crowds. "Demand for outbound travel is expected to continue gaining momentum in the fourth quarter and through next year," the company said.

The contrasting trends highlight a changing travel landscape in China. While domestic spending remains under pressure, international travel continues to attract consumers willing to spend selectively on longer holidays and overseas experiences.

For the hospitality sector, the rise in extended hotel stays and multi-destination itineraries presents opportunities in international markets that attract Chinese travellers. At the same time, weaker domestic hotel performance and lower leisure spending underline the importance of value-led offerings as travel preferences continue to evolve.