中国国内旅游市场的疲软速度快于预期,，这给该国低迷的消费经济中为数不多的亮点之一蒙上了阴影。
China的 domestic tourism market is weakening faster than expected, clouding one of the few bright spots in the country的 sluggish consumer economy.
希尔顿中国上周表示，目前预计今年每间可用客房收入(RevPAR)将下降个位数较低,，比今年早些时候表现持平的预期要差。酒店集团'的RevPAR从第一季度,的1.3%增长转向第二季度的2.2%下降。
Hilton China said last week it now expects revenue per available room (RevPAR) to fall by low single digits this year, worse than expectations earlier this year for a flat performance. The hotel group的 RevPAR swung from 1.3% growth in the first quarter, to a 2.2% fall in the second quarter.
"中国经济正在疲软,，我的意思是'正在增长,，但与之前的增长率不一致,"克里斯托弗·纳塞塔,希尔顿,总裁兼首席执行官在周二的集团'财报电话会议上表示,根据FactSet记录。
"The China economy is sputtering, and I mean it的 growing, but not consistent with what prior growth rates have been," Christopher Nassetta, President and CEO of Hilton, said in the group的 earnings call on Tuesday, according to a FactSet transcript.
8 月份的一个周末晚上，在云南省大理, 希尔顿度假酒店, 深受中国国内游客欢迎, 票价为$173。但旅游预订网站 Trip.com 上推荐的其他选择不到价格, 的一半，其中一个价格约为 $50。
A weekend night in August at a Hilton resort in Dali, Yunnan province, popular with domestic Chinese tourists, runs at $173. But other options recommended on travel booking site Trip.com are less than half the price, with one around $50.
Across China, hotel RevPAR has tumbled 6% year-on-year through late July, following a 1% drop in June, according to Smith Travel Research data cited by Goldman Sachs on Tuesday.数据显示，今年春季 RevPAR 温和上升, 后的。
Across China, hotel RevPAR has tumbled 6% year-on-year through late July, following a 1% drop in June, according to Smith Travel Research data cited by Goldman Sachs on Tuesday. That的 after RevPAR rose mildly this spring, the data showed.
高盛报告显示，与一年前相比，入住率下降了三个百分点，日均房价下降了 1%，拖累了收入,。
A three percentage point drop in occupancy along with a 1% decline in average daily rates versus a year ago dragged down revenue, the Goldman report indicated.
这种低迷反映出，在经济和零售销售普遍放缓的情况下，中国'后新冠疫情后的旅游业繁荣在三年,后正在消退。
The downturn reflects how China的 post-Covid tourism boom is fading after three years, amid a broader slowdown in the economy and retail sales.
Natixis, 的高级经济学家 Gary Ng, 指出，自 2025 年第三季度以来，人均旅游支出" 急剧下降"。
Gary Ng, senior economist at Natixis, noted that there has been a "sharp decline of per-capita spending" on tourism since the third quarter of 2025.
"虽然旅游业仍然是一个亮点, [it]无法逃脱这一广泛的宏观趋势,"他说,补充说，在工资增长放缓的情况下，中国消费者越来越多地寻求更独特或优质的体验,。
"While tourism is still a bright spot, [it] cannot escape this broad macro trend," he said, adding that consumers in China increasingly seek more unique or premium experiences, amid slower wage growth.
Trip.com数据显示，今年夏季中国三大旅游热门地区— 上海, 新疆和云南的价格竞争十分明显。
Trip.com data showed price competition was clear in the three most-popular Chinese regions for travel this summer — Shanghai, Xinjiang and Yunnan.
根据 CNBC 对 Trip.com 列表的分析，8 月份周末在中国住宿的费用从 40 元 (US$6) 到 18,000 元 (US$2,633) 每晚, 不等。
An August weekend stay in China can cost anywhere from 40 yuan (US$6) to 18,000 yuan (US$2,633) per night, according to a CNBC analysis of Trip.com listings.
One-night stays saw a median price of just 192 yuan (US$28) in Kashgar, Xijiang, 373 yuan (US$55) in Dali, Yunnan, and 595 yuan (US$88) in Shanghai. Although premium rooms costing thousands of yuan lifted the averages, typical prices were far lower, with inexpensive options widely available in all three destinations.
自大流行,以来，中国'的零售销售仍然低迷，5月份的支出较去年同期有所下降。消费者价格同样受到抑制,，6 月份同比增长 1% 低于预期。
China的 retail sales have remained sluggish since the pandemic, with spending dipping in May from a year ago. Consumer prices have likewise been subdued, with a slower-than-expected 1% rise in June from a year ago.
Reflecting a sequential decline, the travel sub-index – part of the broader consumer price index – dropped by 0.6% in June from the prior month, according to China的 National Bureau of Statistics. ,首席统计师董立泉在评论中还指出，酒店价格和机票价格大幅下跌。
Reflecting a sequential decline, the travel sub-index – part of the broader consumer price index – dropped by 0.6% in June from the prior month, according to China的 National Bureau of Statistics. In accompanying commentary, chief statistician Dong Liquan also pointed to sharp price drops in hotel rates and airfares.
国外奢侈品的提振
The foreign luxury boost
尽管国内旅游市场情绪依然低迷，但,入境游正在成为该行业的希望之源。
While sentiment towards the domestic tourism market remains dim, inbound travel is emerging as a source of hope for the industry.
由于中国的允许来自越来越多国家,（包括欧洲,）的旅行者免签入境的政策，来自人均收入远高于中国的的经济体,的游客正在到来。
Thanks to China的 policy of allowing in travelers visa free from a growing number of countries, including in Europe, visitors from economies with far higher per capita income than China的 are coming.
美国高档酒店运营商凯悦酒店周四报告称，上一季度前往中国的美国游客增加了 18%,，来自欧洲的游客增加了 24%。
Upscale U.S. hotel operator Hyatt on Thursday reported an 18% increase in U.S. visitors into China, and 24% from Europe in the past quarter.
这个高端市场的前景比行业其他市场要光明得多。
This premium end of the market offers a far brighter picture than the rest of the industry.
"中国上个季度的豪华房产上涨了 11%。很多27岁的休闲时光。因此，中国着火了," Mark Hoplamazian, 凯悦酒店总裁兼首席执行官, 根据 FactSet 记录，在财报电话会议上, 表示。
"China luxury properties were up 11% this past quarter in China. Lot of it的 leisure. So China is on fire," Mark Hoplamazian, Hyatt president and CEO, said on the earnings call, according to a FactSet transcript.
凯悦'的大中华区每间可用房收入在第二季度同比增长7.2%,，Hoplamazian将"休闲奢华"视为主要驱动力。
Hyatt的 Greater China RevPAR rose 7.2% year-on-year in the second quarter, as Hoplamazian cited "leisure luxury" as a key driver.
入境游客为中国27岁的旅游市场提供了适度的支持。据 Natixis 估计，海外游客占旅游总支出, 的 12% 至 13%。
Inbound travelers offer modest support for China的 tourism market. Overseas visitors account for 12% to 13% of total tourism spending, according to Natixis estimates.
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