Chinese outbound travel demand exceeds 2019 but visa bottlenecks constrain recovery
Search volume for overseas travel from China has surpassed 2019 levels with buying power 2-3x average in key destinations, but visa processing delays in Germany and other countries create a structural supply constraint that will gate the pace of recovery.
Geopolitical conflict drives domestic tourism boom in safe havens; international long-haul collapses
Spain captures redirected European demand (+20-25% Easter bookings) while international travel company sees -50% bookings due to flight risk/routing through conflict zones. Local/short-haul wins; long-haul/connection-dependent loses.