Trip.com Reports 270% Spike in Airline Bookings

Chinese travel site Trip.com saw a 270% increase in air travel bookings in the past year as European and Asia Pacific countries lifted their COVID-19 restrictions.

That’s according to the Shanghai-based company’s latest earnings report released Monday (June 27). The report also shows that the pandemic drove a 12% decrease in quarter-over-quarter net revenue, even as Trip.com’s net revenue for the first quarter was stable year-over-year.

Meanwhile, staycations have helped fuel the recovery of the Chinese domestic travel market, with the report showing a 20% increase in local hotel bookings in the last year.

“Though it was challenging for domestic travel due to the COVID-19 resurgence in China during the first quarter, our results demonstrated our resilience amidst a confluence of challenges and uncertainties,” Trip.com CEO Jane Sun said.

“While we may continue to see short-term fluctuations, demand for travel is still strong and shows a bright outlook in the long-term. We will remain adaptive to embrace the changing environment and be flexible with our strategies to swiftly seize growth opportunities,” she said.

Read more: Airbnb to End Domestic Listings in China, Citing Cost, Competition

Last month, vacation rental site Airbnb announced it wouldn’t be proceeding with domestic listings in China.

The company had launched in China in 2016 but eventually found itself competing with domestic travel companies while dealing with rising costs.

Learn more: Lockdowns, Consumer Backlash Force H&M to Close Shanghai Flagship

COVID-19 added even more pressure. As people were forced into lockdown for months on end, Airbnb saw its business in China dwindle. However, the company reportedly wants to go after outbound travel in China by providing Chinese travelers with listings for when they go abroad. The company sees this as a larger opportunity and plans to maintain an office in Beijing.

Meanwhile, the pandemic continues to bedevil Chinese retailers. As PYMNTS reported last week, clothing seller H&M has closed its store in Shanghai, as customers continue to avoid malls and shopping centers despite the lifting of the COVID-19 lockdown.