The recovery of China travel continued to gain momentum through the first three months of 2024 with popular Chinese travel site Trip.com reporting a better than 100% year-on-year increase in outbound hotel and air bookings, and better than 20% increase in domestic bookings.
Releasing its 1Q24 financial results this week, the company also revealed a 29% year-on-year increase in revenue to RMB11.9 billion (US$1.6 billion), also up 15% quarter-on-quarter due to seasonality.
“The year 2024 has begun with a significant increase in both domestic and outbound travel demand in China, facilitated by a more stabilized supply and further relaxation of visa requirements,” said Executive Chairman, James Liang.
“Additionally, our global business has experienced robust growth, driven by our improved product offerings. We are committed to investing in product and technology innovations to deliver a superior travel experience to our users.”
Trip.com’s Q1 results included a 29% year-on-year increase in accommodation revenue to RMB4.5 billion (US$623 million), 20% increase in transportation revenue to RMB5.0 billion (US$692 million), 129% increase in package tour revenue to RMB883 million (US$122 million) and 15% increase in corporate travel revenue to RMB511 million (US$71 million).
This helped drive a 26% increase in net income to RMB4.3 billion (US$599 million and a 41% increase in Adjusted EBITDA to RMB4.0 billion (US$550 million).