The China Tourism Academy and the China Amusement Park Association have collaborated on a research study examining investment trends in the cultural and tourism industry, as well as the index for amusement equipment procurement. Through specialized surveys, the development of an index system, and meticulous data calculation and analysis, they have now completed the "Research Report on Investment Trends in the Tourism Industry and the Index for Amusement Equipment Procurement—Q1 to Q3 2025." The key findings are as follows:

Tourism investment is generally stabilizing, while structural adjustments continue to deepen.

(1) Tourism Economy Operates Steadily at a High Level, Supporting Solid Investment Fundamentals

Macroeconomic stability and the thriving tourism economy are supporting robust tourism investment. 20 In the first three quarters of 2025, China’s GDP grew by 4.8% year-on-year. Final consumption expenditure contributed 49.9% to economic growth, boosting GDP by 2.4 percentage points, while gross capital formation accounted for 26.3% of the growth, adding 1.3 percentage points to GDP. Meanwhile, the tourism market remained robust, with sustained pent-up demand driving significant recovery. Key periods such as the ice and snow season, summer holidays, and five major public holidays further unlocked tourism consumption potential. As a result, domestic, inbound, and outbound tourism markets all witnessed rapid growth in terms of visitor numbers, total spending on domestic trips, and international tourism revenue. According to accelerator theory, investment levels are closely tied to changes in output—such as GDP growth and income expansion. The steady improvement of the macroeconomic environment has created an ideal backdrop for investment. Moreover, the strong rebound in tourism-related passenger numbers and spending has effectively spurred sustained investments necessary to maintain and enhance operational capabilities, forming a solid foundation for the investment index. Comprehensive calculations reveal that, in the first three quarters of 2025, the comprehensive investment index for the tourism industry stood at 123.66, representing a 1.4% increase compared to the same period in 2024. This marked recovery in tourism activity has significantly bolstered investor confidence in the sector. Notably, surveyed tourism enterprises expressed heightened optimism about both the overall industry and investment prospects, with confidence indices reaching 155.02 and 147.38, respectively—up 13.6% and 21.0% from the previous year.

Figure 1: Fluctuations in the Comprehensive Tourism Investment Index and Its Sub-Indices for the First Three Quarters of 2024–2025

(2) Recovery in heavy-asset investments advances alongside meticulous optimization and intensive cultivation of existing assets.

The tourism sector is seeing a recovery in heavy-asset investments, driven by leading enterprises. 202 In the first three quarters of the year, major tourism groups and listed companies leveraged their financial strength and systematic operational capabilities to consolidate high-quality resources through mergers and acquisitions. For instance, China Tourism Group acquired Peking University Lake Ski Resort and Shou Lü Wine. The company secured 4 billion yuan in funding to strengthen the supporting infrastructure for Beijing Universal Studios' Phase II. Ctrip strategically invests in the high-end homestay brand "Dale Zhi Ye," while Xiangyuan Culture & Tourism and Haichang Ocean Park undertake a strategic restructuring. These investment initiatives have boosted industry confidence and fostered the optimization of a collaborative development model, seamlessly integrating both light and heavy assets in the tourism sector.

Investment in the field of stock optimization is shifting toward deeper, more refined approaches. As physical spaces in traditional scenic areas, theme parks, and other sectors become increasingly saturated, large-scale new projects are becoming less viable. The window of opportunity has passed. From the perspective of the marginal efficiency of capital, the incremental benefits of upgrading existing assets—through content enhancement, scenario updates, and experience optimization—are significantly higher than those of launching entirely new projects, making it a more rational investment choice. Specialized research indicates that current investment priorities are concentrated in areas such as scenic area renovation and transformation coupled with immersive scene creation, the development of innovative entertainment and leisure models, and the construction of integrated cultural, commercial, and tourism complexes. Among these, specific segments like secondary consumption services in scenic areas, upgrades to specialized facilities, enhanced operations at tourist destinations, and the creation of performing arts products have garnered considerable attention. Meanwhile, from the standpoint of urban renewal, city development is also shifting toward a phase focused primarily on improving the quality and efficiency of existing assets. By strategically investing in the optimization of existing resources, cities can integrate cutting-edge technologies, emerging business models, and innovative approaches, transforming industrial heritage sites, historic districts, and aging factory complexes into vibrant new cultural and tourism landmarks. This not only boosts the value-added efficiency of individual assets but also drives broader urban spatial improvements, functional upgrades, and overall revitalization efforts.

Figure 2: Distribution of Key Investment Areas in the Culture and Tourism Industry for Q1 2025 and the First Three Quarters

(3) Widening industry-specific perceptions are influencing investment decisions.

During the industry's transition period, differences in how various market players perceive business conditions have widened, directly impacting companies' investment operations and decision-making. Leveraging precise positioning, strategic mergers and acquisitions, and refined operations, some enterprises have achieved robust cash flow and strong brand premiums, leading to higher investment returns and improved investment expectations. Meanwhile, many tourism companies continue to face significant operational challenges, while uncertainties in market demand further dampen their confidence in expanding investments. Specialized research data clearly reflect this diverging landscape: In the first three quarters of 2025, 70% of surveyed tourism firms made investments, with roughly 40% reporting return rates that either exceeded or matched those of the same period in 2024. As a result, the corporate investment performance index remains stronger than in the first quarter of 2025—but slightly weaker than in the corresponding period of 2024. In terms of investment intentions, 45.8% of the surveyed companies expressed willingness to increase their investments in the future. However, the proportion of firms planning to boost their investments is actually shrinking, as more businesses are leaning toward maintaining their current investment levels or even adopting a more strategic approach to scaling back.

The tourism industry faces both opportunities and challenges in terms of investment. On one hand, domestic travel demand continues to surge, while consumer segmentation and the rapid evolution of market niches are constantly giving rise to new business models and emerging growth drivers, paving the way for more promising investment prospects across the sector. The growing convergence of technology, education, healthcare, art, fashion, and culture with tourism is creating even more robust investment opportunities. At the same time, the tourism industry and its market players are still navigating through a period of transformational pain. Structural issues such as over-reliance on traditional ticket-based revenue models, intense homogenous competition, and internal management inefficiencies remain unresolved, prompting companies to adopt a more cautious approach to investment decisions.

Figure 3: Comparison of Investment Scales Among Surveyed Enterprises in the First Three Quarters of 2024–2025

Changes in the investment landscape lead to a structural contraction in amusement equipment procurement.

(1) Market saturation and intensifying internal competition are squeezing the operational space for amusement equipment businesses.

In the first three quarters of 2025, the amusement equipment/service procurement index stood at 47.7%, down 3.4% year-on-year, indicating a contraction in purchasing activity. After years of rapid expansion, the domestic theme park market across cities of all tiers is now experiencing slower growth in new developments. In Tier-1 and Tier-2 cities, both land supply and demand have tightened, making it increasingly challenging to break ground on new projects. Meanwhile, in lower-tier regions, the large population base and consumer spending power are simply insufficient to sustain the ongoing operations of more homogenous, smaller-scale parks. As a result, despite concentrated efforts toward large-scale upgrades of existing amusement facilities, the industry has yet to see the emergence of a longer-term, tiered development cycle. Instead, market saturation continues to dampen theme parks' appetite for purchasing new amusement equipment. Meanwhile, prices and delivery timelines for various types of amusement equipment and services in China’s domestic market are facing intensifying competition, leading to further price erosion. Fluctuating order volumes, squeezed profit margins, and compressed delivery schedules are all driving up costs while simultaneously complicating logistics, inventory management, and operational adjustments—placing significant financial strain on amusement equipment suppliers.

(2) New scenarios and emerging needs open up fresh opportunities for amusement equipment procurement.

The demand for amusement equipment and services in small to medium-sized recreational spaces, diversified leisure and entertainment complexes, and unique accommodation settings continues to hold significant growth potential. Specialized research data reveals that, over the past two years, demand for amusement equipment has been on the rise across various types of entertainment venues—including water parks, indoor theme parks/entertainment centers, carnivals/fairgrounds, and non-powered parks/extreme adventure facilities—as well as urban commercial complexes and rural integrated developments. These emerging spaces are increasingly catering to the entertainment and leisure needs of families with children and younger audiences, leading to sustained growth in procurement investments for both equipment and related services. Notably, these new-age entertainment settings place distinct demands on equipment flexibility, functional adaptability, and procurement models—differences that set them apart from traditional theme parks and conventional amusement parks. Achieving a precise match between supply and demand in these niche markets will still take time, yet this presents significant market opportunities for smaller and mid-sized equipment suppliers that specialize in specific segments and offer customized solutions.

Procurement of services such as operations, services, and creative planning is on the rise, while procurement of technology-based equipment has entered a phase of rational adjustment. Calculations based on the categorized equipment procurement index reveal that the index for tourism destination operations, along with creative and planning services, reached 52.1%, indicating expansion—aligning closely with the market logic of optimizing existing resources. As a result, operators of scenic spots, resort areas, commercial districts, and cultural venues are shifting their investment focus from physical infrastructure to enhancing content offerings. Consequently, demand is growing for professional service procurement aimed at innovating content-driven operations, nurturing new business formats, and developing engaging event strategies. Over the past few years, cutting-edge technology equipment like immersive large-scale screens, VR spaces, and AI-powered digital avatars have been widely adopted in cultural, tourism, and leisure settings, becoming permanent and regularly featured consumer offerings. However, by the second half of 2025, the equipment procurement index began to contract, signaling a transition into a period of rational consolidation. Looking ahead, further expansion in technology equipment procurement will likely hinge on delivering even more advanced and immersive experiences.

(3) Amusement equipment businesses face pressure, but innovation investments are building long-term momentum.

The narrowing incremental space, intensifying competition, and upgrading consumer demand continue to put pressure on the amusement equipment industry, prompting market players to proactively respond to these challenges through differentiated strategies. In the high-end and mid-to-high-range amusement equipment segment, leading manufacturers, leveraging their established technological expertise and robust delivery capabilities, have managed to maintain stable business sources and strong bargaining power amid fierce competition. Meanwhile, smaller and medium-sized equipment suppliers are capitalizing on increasingly niche application scenarios by adopting precise market positioning, offering specialized products and flexible services that help them carve out competitive advantages in specific segments, ultimately achieving steady and sustainable operations.

Despite the market becoming more discerning in its demand for amusement equipment and services, with increasingly stringent requirements spanning technical support, equipment pricing, operation & maintenance services, and innovative R&D, market players have responded proactively, and early-stage investments in innovation are already yielding tangible results. Survey data on key areas for improvement in amusement equipment reveal that while innovation, R&D, and technological breakthroughs remained hot topics of market concern from 2024 to 2025, their level of attention has gradually declined. Instead, the market is now placing greater emphasis on cost-effectiveness and robust service guarantees. Looking ahead, the demand for amusement equipment procurement remains strong. Data shows that over 60% of surveyed companies believe current equipment products adequately meet their operational needs. Among them, 63.9% plan to increase equipment purchases in 2026, while 20.9% intend to maintain their current scale. From urban centers to rural areas, and from domestic markets to international ones, the amusement equipment industry is actively exploring growth opportunities across broader horizons—driving the sector toward high-quality development by enhancing both quality and efficiency.

Trend Outlook

(1) Non-standard scenarios such as park commerce are expected to become key areas for existing asset upgrades.

In the future, the exploration of value in existing assets will continue to deepen. Parks featuring commercial spaces, distinctive neighborhood districts, and industrial heritage sites—such as Beijing’s Shijingshan Yongding River Gathering Area and Chengdu Lacquerware Factory’s “Daqi Teahouse”—are rapidly becoming popular destinations for entertainment and leisure. These unique settings, enriched by their distinct spatial experiences, profound cultural legacies, and strong capacity to align with diverse content needs, are effectively meeting emerging consumer demands—and paving new pathways for enhancing the value of underutilized assets.

(II) Promote "24/7, All-Season" operations to unlock the consumption potential of customers across all age groups.

The traditional distinctions between peak and off-peak tourism seasons are becoming increasingly blurred. In response, tourism and cultural leisure industries are focusing on meeting year-round, all-season, and multi-generational demands through specialized market segments such as four-season products, educational study tours, culinary tourism, nighttime excursions, and event-based travel. By systematically developing a comprehensive, year-round operational framework, tourism businesses can better unlock the spending potential of diverse age groups, ensuring a more balanced distribution of revenue. Meanwhile, innovative operational models will also drive optimization of investment structures, enhancing asset utilization efficiency and strengthening resilience against market risks.

(III) Ample Prospects for Overseas Expansion of Amusement Equipment and Technology Enterprises

After years of accumulation, China's amusement equipment and technology enterprises have developed unique strengths in product R&D, manufacturing processes, and service systems. Currently, leading equipment companies, suppliers with differentiated customization capabilities, and tourism technology firms are steadily advancing their overseas expansion, achieving significant progress in developing markets while forging strategic partnerships with globally renowned industry leaders. Looking ahead, these companies are poised to secure a more prominent position in the global market.