The Lunar New Year holiday is 9 days long (longest ever). There is a shift toward "experience-led travel." While luxury goods consumption is down, spending on services and travel is up. Flight capacity is shifting from Japan (due to geopolitics) to domestic and Southeast Asian routes. Trip.com (referenced as "Trip") is up 17%. LONG. Volume-driven growth in the travel sector despite broader economic headwinds. Geopolitical tensions affecting specific routes (e.g., Japan).