"China is unique in how quickly and strongly its domestic tourism market has recovered from the Covid slowdown. The domestic travel market has surged since it reopened in July, after six months of virtually no business. Hotel occupancy is at 2019 levels or greater, and airline staff are working double shifts. Travelers are spending more and looking for higher-end travel experiences to substitute for not being able to go overseas. Looking forward to 2021, this domestic travel boom will continue given the broader strength of China’s domestic economy in China.
We have seen demand pick-up very strongly from our China customers, particularly since late August, with multiple booking requests for large groups seeking premium experiences in China. At the same time, there is less competition in the market owing to the attrition in the industry caused by the industry slowdown."
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