Record-high passenger traffic during Lunar New Year for China and Hong Kong

Mainland China and Hong Kong saw record-high traffic during the Lunar New Year holiday between February 10 to 17 with total tourism traffic rising 19% above 2019 levels, according to a HSBC Global Research report. Daily air passengers reached a record-high 2.25 million during the holiday at 25% above 2019 levels, surpassing the Civil Aviation Administration of China’s (CAAC) expectation of 2 million. Domestic flight capacity grew 20% over 2019. International capacity recovered close to 71%. Air ticket prices were 16% above 2019, supported by the strong demand. Cross-border travel gained momentum following China’s visa-free policies for inbound and outbound