China logged a record 596 million domestic trips over the nine-day Chinese New Year holiday, up 19% YoY, but per capita spending remained flat and below pre-pandemic levels, according to Goldman Sachs. Total holiday spending reached 803.5 billion RMB ($117 billion), up 126.5 billion RMB YoY. Morgan Stanley noted “lower" per person spending YoY, while Goldman Sachs flagged “still constrained consumer spending power.” Bright spots included a 30% YoY surge in mid-break trip orders on Fliggy, and AI-assisted bookings on the platform growing over 800% versus the pre-holiday period. In Hainan, average daily offline sales rose 16% over the 2025 break, with shopper numbers up 20%.

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