HAIKOU, CHINA - SEPTEMBER 08: Passengers wait in line to check in at Haikou Meilan International Airport on September 8, 2024 in Haikou, Hainan Province of China.
(Photo by Luo Yunfei/China News Service/VCG via Getty Images)Chinese travelers are taking more last-minute trips as they become more cautious with spending amid a lackluster economic recovery.
Travelers are planning trips closer to departure as they try to "take advantage of last-minute deals," economists at Oxford Economics told CNBC, noting a shift in consumer preferences where "modern travelers prefer spontaneity in their travel plans."
Chinese consumers have become more frugal on everything, from groceries to travel, as the world's second-largest economy grapples with a protracted property crisis and high unemployment.
"While people still want to go on holiday, sentiment regarding incomes and consumption remains low," according to economists at Oxford Economics.
Persons:
Luo Yunfei, Anthony Caputano, Patrick Body
Organizations:
China News Service, Getty Images, Marriott International, Bank of America, Lodging Conference, Oxford Economics, CNBC, Cheung Kong Graduate School of Business
Locations:
HAIKOU, CHINA, Haikou, Hainan Province, China