China’s National Day Holiday Travel Reaches 2.14 Billion Trips

The headline number is less telling than the growth rate: a 0.6% year-on-year rise in daily average trips points to a travel market that has largely plateaued rather than rebounding sharply. That matters for the consumption read-through, since holiday mobility is often treated as a proxy for household willingness to spend, and a flat print suggests that proxy is no longer expanding. The comparison is also imperfect, since it is measured against a combined Mid-Autumn and National Day period rather than a like-for-like holiday window. Whether the sequential trend holds through the next major travel period is the open question.