Skift Take
Trip.com has reported a solid third quarter and sees no signs of a slowdown any time soon. But not keen to put all its eggs in one basket (China), the online travel company has also sets its sights on global expansion.
In a significant rebound fueled by heightened summer travel demand, China's Trip.com Group posted a net revenue of RMB 13.7 billion ($1.9 billion) in the third quarter, marking a 99% increase over 2022 and 31% increase from 2019 levels.
During an earnings call on Tuesday, CEO and Director of Trip.com Group, Jane Sun, revealed that while the overall Chinese outbound market only recovered to about 50% of pre-pandemic levels in the third quarter, the group's outbound hotel and air ticket reservations have already surged to 80% of 2019 levels.
Hotel bookings experienced a 97% year-over-year increase, while air bookings saw a 70% uptick, according to Sun. Domestic hotel reservations showed robust growth, surpassing 90% year-over-year and 70% compared to 2019.
Accommodation reservation revenue for the third quarter was RMB 5.6 billion ($780 million), representing a 92% increase year-over-year, 36% higher than the 2019 level.