In the first quarter of 2026, the tourism industry’s composite investment index stood at 133.66, up 4.5% year over year, signaling a continued recovery in sector sentiment. Business expectations also improved in tandem, with confidence in the overall industry performance and in cultural‑tourism investment rising by 10.7% and 17.5%, respectively. Against this backdrop, the amusement‑equipment procurement index surged 43.5% year over year, with 60% of firms reporting purchasing needs and more than half planning to expand their procurement volumes within the year. Overall, the pace of industry investment has become more prudent; however, supported by resilient demand and favorable policy measures, market conditions remain broadly stable and on an upward trajectory. The focus of investment is steadily shifting from sheer scale expansion to quality enhancement, with resource integration, content innovation, and service upgrades emerging as key priorities. All things considered, cultural‑tourism investment is transitioning smoothly from a phase of rapid expansion to one of high‑quality development, and the industry’s long‑term fundamentals remain unchanged.

In the first quarter of 2026, the tourism industry’s composite investment index reached 133.66, up 4.5% year-on-year and 7.8% compared with the first three quarters of 2025. Business confidence has also rebounded: the confidence index for the sector’s overall performance rose 10.7% year-on-year, while the confidence index for cultural and tourism investment increased by 17.5% over the same period. The dual improvement in investment and expectations underscores that, amid structural adjustments, the industry continues to demonstrate strong resilience and remains firmly within an expansionary range.

Figure 1: Fluctuations in the Comprehensive Tourism Investment Index and Its Sub‑indices for the First Quarter of 2024–2026

Investment in the cultural and tourism sectors is characterized by coordinated efforts across three key pillars: resource development, content creation, and service infrastructure. On the resource side, investment is focused on upgrading scenic areas and destinations, as well as on integrated cultural‑tourism complexes and the hospitality sector, reflecting a renewed market assessment of the long-term value of core attractions. For example, the Tangxi International Tourism Resort in Jinhua, Zhejiang, has repurposed industrial heritage into a cultural district; Changsha’s Dawangshan has transformed abandoned mine pits into an immersive deep‑pit sports park; and Yunnan’s Lao Yinshan Scenic Area is advancing quality upgrades—all illustrating how the redevelopment of existing assets drives value reconfiguration. At the content level, there is a rapid shift toward thematic, immersive experiences, with digital technologies deeply integrated into cultural expression, steadily enhancing the premium pricing power of content‑driven projects. For instance, Qianjiadong in Guilin, Guangxi, has introduced digital archiving and AI‑powered digital‑human interactions, while “Jiu Ge: In the Mountains and Waters” in Jingzhou, Hubei, has created an immersive digital experience space—demonstrating that innovation in content is becoming a critical factor in bolstering project competitiveness. Meanwhile, the service‑support pillar continues to ramp up investments in brand incubation and digital transformation. Take Guangzhou’s Baiyun District, for example: it is concentrating on 13 cultural‑tourism‑sports projects with a total investment of approximately RMB 3 billion, prioritizing smart cultural‑tourism solutions and sports events, thereby elevating the region’s overall service capabilities.

Figure 2: Investment Areas of Focus in the Tourism Industry in 2026

Capital‑raising strategies are becoming increasingly diversified, with strategic partnerships and M&A‑driven integrations gaining momentum. Acquisitions and consortium‑based investment models remain robust in the hospitality and scenic‑spot sectors. For instance, Hubei Culture & Tourism Group acquired a stake in Junting Hotels for approximately RMB 1.8 billion, while Xiangyuan Culture & Tourism has successively purchased related scenic‑area assets for RMB 345 million. In terms of consortium investments, the Fantawild project in Longgang, Zhejiang, adopts a “theme park + local government” model; the Warner Bros. Studio project in Shanghai is exploring an “international IP + domestic group” approach; and projects in Guangzhou’s Huangpu District have established a collaborative framework of “international brand + local context.” The coordinated participation of diverse stakeholders is helping to enhance the efficiency of resource allocation across the industry.

Figure 3: Factors of Concern for Tourism Investment Among Surveyed Enterprises

The survey reveals that the logic underlying corporate investment decisions is undergoing a shift. Regional population density and consumer demand (55.1%) and the level of regional economic development (50.1%) rank first and second, respectively, both surpassing policy considerations and the business environment (48.8%). Meanwhile, attention to supply-chain completeness (38.0%) and supporting services (22.2%) continues to rise, signaling a transition from “single‑project development” to “regional ecosystem building.” Companies are placing greater emphasis on long-term consumption‑driving capacity and industrial synergy. Compared with cultural‑sector firms and those involved in cultural tourism, tourism‑related enterprises place particular focus on content innovation and long-term growth prospects in their investment decisions. The survey further indicates that brand strength (30.0%) and access to high‑quality products or projects (27.2%) are the core advantages most sought by investing firms, underscoring the industry’s broader shift from “resource ownership” to “capability building.”

Figure 4: Investment Portfolios Preferred by Surveyed Enterprises

Figure 5: Tourism Investment Intentions and Approaches of Surveyed Enterprises

From the perspective of investment intentions and approaches, the industry exhibits a pattern of “moderate expansion and tiered development.” Among the surveyed enterprises, 77.3% are advancing investments in culture and tourism, with 76.3% planning to scale up their investments: 47.5% intend to “moderately increase” their spending, while 23.5% aim to “significantly expand” it; by contrast, those planning to reduce investment account for less than 8% combined. In terms of investment modalities, 48.9% rely primarily on internal funding, 30.3% seek to broaden their capabilities through strategic partnerships, and equity investments, asset acquisitions, and mergers and acquisitions together comprise over 10%. Overall, companies maintain a prudent balance between the pace of expansion and risk management.

Figure 6: Investment Behaviors of Interest in the Tourism Industry in 2026

Upgrading of tourist demand is driving the expansion of amusement equipment procurement.

In the first quarter of 2026, the amusement‑equipment procurement index rose 43.5% year over year, firmly entering expansion territory. Sixty percent of surveyed companies reported a need to procure amusement equipment and related services; 57.5% plan to increase their purchasing volume within the year, while 35% intend to maintain their current procurement levels, indicating that the market as a whole is in a phase of robust expansion.

Figure 7, Fluctuations in the Overall Index and Sub‑indices for Amusement Equipment/Service Procurement, Q1 2023–2026

From the demand side, the growth in amusement‑equipment procurement is driven primarily by the ongoing upgrading of visitor preferences, which manifests in three key trends: deeper experiential offerings, more integrated and multifunctional settings, and market expansion into lower‑tier cities. First, visitors are placing greater emphasis on cultural expression, thematic storytelling, and immersive atmospheres, prompting a shift in amusement products from purely functional facilities toward experience‑oriented content. Second, the application contexts for amusement equipment are expanding beyond traditional outdoor spaces to encompass a diverse array of venues—such as cultural and museum institutions, commercial complexes, scenic areas, and resort destinations—leading to rising, comprehensive demands for both equipment and services in these hybrid consumption spaces. Finally, demand in lower‑tier markets is accelerating; while first- and second‑tier cities continue to upgrade their offerings, theme parks and local leisure spaces in third‑tier and smaller cities are witnessing rapid growth in their appetite for amusement‑related equipment.

Figure 8: Key Application Scenarios for the Procurement of Amusement Equipment and Services

On the supply side, the industry is characterized by a dual dynamic: the continued strengthening of leading players alongside increasing fragmentation among small and medium-sized enterprises. Leading firms are steadily enhancing their capabilities in R&D, quality standards, and delivery, with import substitution effects becoming increasingly evident and their competitiveness in the high-end market steadily rising. Meanwhile, SMEs leverage their flexibility and customization expertise to carve out growth opportunities in niche segments, though they face mounting pressures related to costs and delivery timelines. As market demand expands, the industry’s need for specialized talent in design, manufacturing, and operations & maintenance is growing in tandem, making human resources an increasingly pivotal factor shaping the sector’s future trajectory.

Policy support, capital deployment, and consumer demand are converging to shape the development trajectory of the cultural and tourism sector. On the funding side, market‑based financing channels are expanding at an accelerated pace. Bond issuance continues to grow, with borrowing costs remaining low, while asset‑backed securities (ABS) and infrastructure REITs are being rolled out more rapidly, helping cultural and tourism assets transition from a “heavy investment, slow payback” model to a closed‑loop approach encompassing investment, financing, management, and exit. This shift can significantly enhance capital liquidity and asset‑operation efficiency. From the demand side, policies aimed at boosting consumption and rising public willingness to travel are reinforcing one another. Many regions are unlocking latent demand by issuing cultural‑and‑tourism vouchers, thereby accelerating the release of pent‑up demand and establishing a virtuous cycle with funding supply, which in turn strengthens the stability and predictability of project returns.

Figure 9: Word Cloud of Investment Intentions Among Surveyed Enterprises in 2026

Driven by both policy and market forces, the industry’s competitive dynamics are undergoing a profound transformation, shifting from homogeneous expansion aimed at the mass market to a more structured, segment‑focused strategy. Specialized research indicates that family‑oriented travel and immersive experiences now constitute the two key growth pillars on the demand side: the former underscores the stability of household‑level spending, while the latter reflects the broader trend of experiential consumption evolving from “sightseeing‑centric” to “experience‑driven.” Building on this, niche segments such as health and wellness, educational tourism, and micro‑vacations are developing in a tiered, complementary pattern, all characterized by the design of functionally tailored offerings that address the specific needs of distinct consumer groups. Meanwhile, technological innovation is emerging as a critical driver of industry upgrading. On the experience front, digital technologies and artificial intelligence are increasingly integrated into cultural and tourism settings, spurring continuous product evolution; on the operational front, digital management and investments in green, low‑carbon solutions are gaining traction, boosting operational efficiency and optimizing cost structures. Overall, technological progress is reshaping how value is created in the cultural and tourism sector, redefining the supply side of the industry.

Trend Analysis

In the first quarter of 2026, the tourism sector posted a strong start to investment and amusement‑equipment procurement, with both metrics rising in tandem and market sentiment continuing to improve. The industry’s investment focus is shifting more rapidly toward content innovation, consumer‑driven fundamentals, and long-term value, while diversified growth strategies—such as organic expansion, strategic partnerships, and M&A integration—are advancing in parallel.

From a structural perspective, parent–child activities, family‑oriented offerings, and immersive experiences constitute the core growth drivers, while niche segments such as health and wellness and educational tourism are advancing in a tiered manner. From a mechanism standpoint, the synergistic interplay among policies, capital, and consumer demand continues to strengthen, and technological innovation is steadily expanding the industry’s boundaries. The sector’s development is shifting from being driven by scale expansion to being propelled by quality and efficiency, while the supply system is evolving toward greater sophistication and specialization.

Looking ahead, as consumption upgrading continues to deepen and the potential of lower-tier markets is unlocked, investment in cultural and tourism projects and procurement of amusement‑park equipment are expected to maintain a steady, positive growth trajectory. We recommend that market players focus on niche segments, strengthen their capabilities in content innovation and operational management, enhance their project‑level lifecycle management, and build sustainable competitive advantages in the era of high‑quality development.