While pandemic stalwarts such as supermarkets and gadget makers are taking a back seat.
People are spending less time watching TV and shopping online for groceries, and once more dining out and planning vacations, earnings report cards show.
Luxury purchases from China's big spenders, still unable to travel abroad, are also rebounding.
Asia-Pacific airlines are offering more flights as some countries resume domestic travel.
While Australia's planned reopening of state and international borders has led to a surge in bookings.
Airline stocks in the Asia Pacific region climbed nearly 5% over the last three months, even while global airlines slipped 6% due to a slower-than-expected return of corporate travel.
The broader MSCI All Country Asia Pacific Price Index rose roughly 2% in the same period.
That said, a recovery in tourism in Asia is months away and China's huge domestic travel market remains in flux.
And businesses including McDonald's are still struggling with frequent and temporary curbs imposed by some countries.
European fashion houses like LVMH and Kering have signaled ongoing strong demand in China as appetite for luxury items remains largely undimmed,
despite power shortages and a property crisis hurting the economy.
L'Oreal CEO Nicolas Hieronimus said last week China's population and middle classes are growing, with an unabated appetite for beauty.
He expected a Chinese government aim to narrow the gap between rich and poor will boost the middle class, a sentiment echoed by LVMH.
