The number of domestic tourism trips taken by Chinese consumers reached 119% of 2019 levels during the recent May Day holiday, aided by strong pent-up demand and the slower return of international flight capacity, according to ratings agency Fitch.
In a research note, Fitch analysts said the domestic recovery trajectory was hugely encouraging for the tourism industry, which appears to be less affected by uncertainty over employment and income growth than other sectors. This, they explain, is due to Chinese consumers’ strong desire to travel after years of mobility restrictions.
