China reports ‘record’ holiday travel data. But consumer spending isn’t roaring back just yet
CNN
China has reported a record upsurge in travel and consumption during a longer-than-usual Lunar New Year holiday season, touting the gains as signs that the world’s second largest economy is regaining its footing thanks to the government’s supportive policies.
China has reported a record upsurge in travel and consumption during a longer-than-usual Lunar New Year holiday season, touting the gains as signs that the world’s second largest economy is regaining its footing thanks to the government’s supportive policies. But according to CNN calculations based on official data, the average tourism-related spending per trip was below pre-pandemic levels, as consumer confidence remains weak amid deflationary pressure. A total of 474 million trips were made within mainland China during the Year of the Dragon travel season, up 34% compared to the same holiday in 2023 and 19% higher than in 2019, according to data published Sunday by the Ministry of Culture and Tourism. Total spending by domestic tourists reached 632.7 billion yuan ($87.9 billion) during the holiday, it said. However, the most recent holiday season took place over eight days from February 10 to February 18, which was one day more than previous periods. “Supported by various favorable factors such as government policies, [services] supply, and propaganda work, people in urban and rural areas have exhibited a rising willingness to travel, with many indicators such as the number of trips and travel spending hitting record high levels,” the ministry said in a statement.
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