人山人海，捂紧钱包：“K型消费”下的黄金周｜原文

Soren 2026-10-08 08:30 辽宁

China's Golden Week travel surge masks cautious consumer spending

中国黄金周的出行热潮，掩盖了消费者花钱谨慎的现实。

Chinese travellers are booking longer holidays and venturing farther afield for the 2026 National Day holiday, yet a prolonged slowdown in consumer spending means record travel volume may not translate into bigger spoils, analysts said.

分析人士表示，为2026年国庆假期，中国游客预订的行程更长、去的地方更远，但消费支出长期低迷意味着，创纪录的出行量未必能转化为更多收益。

Holidaymakers are combining the seven-day "Golden Week" beginning on Oct 1 with the Mid-Autumn Festival, which in 2026 fell on Sept 25, for a 13-day break.

度假者把10月1日开始的七天"黄金周"与中秋节（2026年为9月25日）拼在一起，凑出一个13天的假期。

Golden Week is typically a gauge of household spending. Yet in 2026, it coincides with weak consumer demand, deflationary pressure and a years-old property market downturn that touches mortgage holders, tenants and landlords alike.

黄金周通常是衡量家庭支出的一个指标。但2026年的黄金周，恰逢消费需求疲软、通缩压力，以及持续多年的房地产下行——房奴、租客和房东无一幸免。

While an extended holiday may promise a windfall for the tourism industry, with consumer spending near stagnant elsewhere in the economy, it is unclear whether the excitement of travel encourages travellers to splash out.

更长的假期或许会给旅游业带来一笔意外之财，但鉴于经济其他领域的消费几乎停滞，出行的兴奋究竟能否促使游客大把花钱，目前仍不明朗。

Travel volume rose during the 2025 Golden Week, yet average spending per trip was a three-year low of 911.04 yuan, Reuters calculations based on government data showed.

路透基于政府数据的测算显示，2025年黄金周期间出行量上升，但人均单次旅行支出仅为911.04元，创三年来新低。

"Consumers still have a strong appetite for travel, but they remain cautious about how much they spend," said Forthright Securities senior analyst Ailsa Liao. "The result is a K-shaped spending pattern: Volumes can be strong even as spending per consumer remains under pressure."

"消费者的出行意愿依然强烈，但他们在花钱上仍很谨慎，"Forthright Securities 高级分析师廖艾莎（Ailsa Liao）表示。"结果是出现K型消费格局：人数可以很旺，而人均支出却持续承压。"

To support spending, the government launched a month-long "National Day Cultural and Tourism Consumption Month" campaign on Sept 22, alongside a 16-day peak rail transport period, with China Railway adding high-speed and overnight services.

为支持消费，政府于9月22日启动了为期一个月的"国庆文化和旅游消费月"，同时安排为期16天的铁路运输高峰期，中国铁路加开了高铁和夜间列车。

Long-haul packages for Spain and Portugal, the Balkans, Northern Europe, Greece and New Zealand sold out by mid-August, Spring Tour said.

总部位于上海的春秋旅游（Spring Tour）表示，西班牙和葡萄牙、巴尔干、北欧、希腊以及新西兰的长线产品，到8月中旬就已售罄。

A survey the marketing firm conducted in August showed that 54% of respondents were planning overseas trips during the holiday period, versus 35% a year earlier.

这家营销公司8月进行的一项调查显示，54%的受访者计划在假期出境旅行，而一年前这一比例为35%。

Only 5% of respondents planned to stay in luxury hotels, with mid-range options the most popular choice at 33%, she said.

她说，只有5%的受访者计划入住豪华酒店，中档酒店最受欢迎，占比33%。

Bookings for hotel stays of at least seven nights rose 123% versus the Golden Week in 2025, while multi-destination itineraries climbed 84%, Trip.com said.

携程表示，与2025年黄金周相比，七晚及以上的酒店预订量增长了123%，多目的地行程增长了84%。

"More travellers do not necessarily mean proportionately higher profits," she said.

"游客变多，并不意味着利润会成比例地变高，"她说。

Beijing resident Kenny Zhao, a real estate company employee, said he plans to spend five days in Japan during the holiday. "It feels like a waste to stay at home during such a long holiday," he said.

北京居民、房地产公司职员赵先生（Kenny Zhao）说，他打算假期去日本待五天。"这么长的假期待在家里，感觉挺浪费的，"他说。

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