China airfares plunge over 30% after Golden Week holiday

The post-holiday collapse in domestic fares is a reminder that China's travel demand remains heavily event-driven, with pricing power concentrated in a handful of peak windows. The shift matters for airlines' fourth-quarter yields, but it also affects the competitive balance with high-speed rail, which now loses on price for some routes. Whether the discounting spreads into the next travel window, and whether rail operators respond, is the open question.