A Boost in Tourism Contributed to the Growth of the Car Rental Sector

Car Inc. saw a substantial uptick in vehicle rental inquiries throughout July and August, marking a remarkable 50% year-over-year surge, surpassing pre-pandemic levels.

The surge in new customer orders, which shot up by nearly 80%, established a new unprecedented record, with over 80% of these orders originating from diverse urban areas.

It is noteworthy that China's car rental landscape experienced a significant increase in extended rental periods of five days or more, reflecting a 70% year-on-year surge. Car Inc. also provided data indicating a remarkable growth of over 150% year-on-year in requests for the rental of new energy vehicles. This surge can be attributed to China's improved infrastructure, including charging stations, introduced in 2019.

China's domestic tourism industry received a substantial boost during the summer months, registering over 1.8 billion tourist trips and generating tourism revenues totaling 1.21 trillion yuan (approximately USD 138 billion). As a result, Car Inc. observed a surge in bookings for car rental services for the upcoming Mid-Autumn and National Day holidays, with bookings exceeding 200% compared to the same period last year and surpassing 30% compared to 2019. In the current year, the services sector has played a pivotal role in China's economic growth.

According to data from the National Statistics Authority, prices for travel and accommodation in August increased at a faster rate compared to the previous year, confirming the robust demand for service consumption.

Source: traveldailynews.asia