One of the world’s biggest Online Travel Agencies (OTA), headquartered in Shanghai, Trip.com Group, notes that China’s outbound tourism has further rebounded in 3Q23.
According to its 3Q23 financial results, the outbound hotel and air reservations have already recovered to around 80 percent of the pre-COVID level for the same period in 2019, compared to the industry-wide recovery rate of over 50 percent in terms of international air passenger volume for the same period.
At the same time, total bookings on the firm’s global OTA platform have increased by over 100 percent both year over year and compared to the pre-COVID level for the same period in 2019.
Regarding China’s domestic market, the group notes that domestic hotel bookings grew by over 90 percent year over year and increased by over 70 percent compared to the pre-COVID level for the same period in 2019.
Trip.com’s performance in 3Q23 aligns with Macau’s tourism recovery, as Macau has surpassed Hong Kong to become the most popular travel destination among Chinese travelers in 2023.
By the end of last month, Macau had received more than 22 million visitors, with the majority coming from mainland China and Hong Kong.
Hong Kong and NASDAQ dual-listed company Trip.com Group released its 3Q23 results on Tuesday, noting that every segment of the group displayed vigorous recovery, reflecting the pent-up travel demand.
The company has recorded a total net revenue for 3Q23 grew by 99 percent year over year.
“Throughout the third quarter of 2023, both domestic and international travel experienced a remarkable rebound, thanks to the robust summer travel demands. This shows just how eager travelers are to explore the world,” said James Liang, Executive Chairman. “Looking ahead, we will continue our efforts in expanding our global presence and cultivating AI-related initiatives, laying the foundation for continued growth of our company.”
“We are pleased to build upon the momentum and deliver solid results in the third quarter,” said Jane Sun, Chief Executive Officer. “To leverage the strong demand for travel and our investment in technology and products, we are committed to enhancing our supply chain capabilities and strengthening brand awareness to solidify our market position.”