China’s Spring Festival Sparks Record-Breaking Spending Surge

China’s Spring Festival holiday has ignited a new wave of consumption, marking a significant resurgence in global travel spending after a four-year hiatus. This year’s official holiday, lasting from Feb. 10 to Feb. 17, provided an extended period for festivities and leisure activities, driving record-high numbers in various consumption indicators.

The extended eight-day holiday allowed people to embrace a variety of activities, resulting in increased travel, purchases of holiday goods, and quality family time. The Ministry of Culture and Tourism reported a staggering 474 million domestic tourism trips during the Spring Festival, marking a 34.3 percent increase from the previous year and a 19 percent surge compared to pre-pandemic levels in 2019. Domestic tourists collectively spent approximately 632.69 billion yuan (about 89.07 billion U.S. dollars), reflecting a 7.7 percent increase from the 2019 holiday period.

Notably, China Unicom’s data revealed a 45 percent increase in travel volume compared to 2019, with over 14,000 new popular tourist routes added. Wang Yalei, an industry analyst with Trip.com Group, emphasized the growing significance of tourism as a New Year tradition, attributing it to driving domestic consumption.

In a remarkable turn of events, China’s Spring Festival regained its status as the pinnacle of global travel consumption, surpassing pre-pandemic levels. Trip.com’s report indicated a surge in outbound and inbound tourism orders, with inbound tourism witnessing a remarkable 48 percent increase compared to 2019. The National Immigration Administration recorded a total of 13.52 million inbound and outbound visits during the holiday period, marking a significant uptick from previous years.

The commencement of a national online Spring Festival shopping season on Jan. 18 further fueled consumer spending. Sales of festival goods experienced a significant boost, particularly in green organic food, gold, silver, and jewelry, reflecting a robust appetite for luxury items. Duty-free spending in Hainan Province alone reached nearly 2.49 billion yuan during the holiday period, showcasing a growing trend in luxury consumption.

Beyond goods consumption, leisure activities flourished during the Spring Festival. The Beijing Municipal Bureau of Culture and Tourism reported a surge in commercial performances, with theaters hosting a total of 1,513 shows, attracting approximately 310,000 attendees and generating a box office revenue of 49.28 million yuan.

Meanwhile, cinemas experienced a remarkable increase in box office revenue and attendance, setting new records for the holiday period. Additionally, winter sports gained popularity across the country, with new ski resorts offering outdoor entertainment options during the festive season.

Overall, China’s Spring Festival holiday not only revitalized domestic consumption but also showcased the nation’s resilience in adapting to new norms, fostering a vibrant atmosphere of celebration and economic rejuvenation.

Leave a Reply

Advertisment
Back to top button