Trip.com reports 270% increase in airline bookings
Chinese travel site Trip.com has seen a 270% increase in air travel bookings over the past year as countries in Europe and Asia-Pacific lifted their COVID-19 restrictions.
That’s according to the Shanghai-based company’s latest earnings report released on Monday, June 27. The report also shows that the pandemic caused a 12% decline in net revenue quarter over quarter, even as Trip.com’s net revenue for the first quarter was flat year over year. .
Meanwhile, staycations have helped fuel the recovery of China’s domestic travel market, with the report showing a 20% increase in local hotel bookings over the past year.
“While it was challenging for domestic travel due to the resurgence of COVID-19 in China during the first quarter, our results demonstrated our resilience amid a confluence of challenges and uncertainties,” said Jane Sun, CEO of Trip.com.
“While we may continue to see short-term fluctuations, travel demand is still strong and shows good long-term prospects. We will remain adaptable to embrace the changing environment and be nimble in our strategies to quickly seize growth opportunities,” she said.
Read more: Airbnb to end national listings in China, citing cost, competition
Last month, vacation rental site Airbnb announced that it would not be doing national listings in China.
The company had launched in China in 2016, but eventually found itself competing with domestic travel agencies while facing rising costs.
Read more: Lockdowns and consumer backlash force H&M to close its Shanghai flagship
COVID-19 added even more pressure. As people were forced into lockdown for months, Airbnb saw its business in China shrink. However, the company would like to tackle outbound travel in China by providing Chinese travelers with lists when they go abroad. The company sees this as a bigger opportunity and plans to maintain an office in Beijing.
Meanwhile, the pandemic continues to plague Chinese retailers. As PYMNTS reported last week, clothing retailer H&M closed its store in Shanghai as customers continue to avoid malls and malls despite the lifting of the COVID-19 lockdown.