Tourism industry is facing tipping point for recovery, said Trip
China's tourism industry is standing at "a tipping point for recovery" with relaxed pandemic controls and rebounded demands, China's top travel platform Trip said on Thursday.
The Nasdaq-listed company, formerly known as Ctrip, sees "the industry's dawn" after posting a profitable third quarter, said James Liang, executive chairman of Trip.
In the third quarter, Shanghai-based Trip's net profit reached 245 million yuan (US$34 million), compared with a net loss of 868 million yuan a year ago. The revenue increased 29 percent year over year.
It's now a "tipping point" with strong recovery momentum in China on tourism, with booming demands on air tickets, accommodations, packaged tours and other services, according to Trip.
China has lifted majority pandemic control measures such as halting the itinerary code system to track whether people have been to high-risk regions.
On Trip.com, its instantaneous air ticket searches soared 160 percent immediately after the release of such measures.
Air tickets between January 16 and 21, the Chinese Lunar New Year's eve, were the most searched, which posted a record high in the past three years, according to Trip.
"Travel activities rebounded quickly as more and more markets are reopening the borders and lifting quarantine measures. We are excited about the long-term outlook of the global travel industry and the opportunities that lie ahead," Liang added.