As the festive lights of the 2024 New Year’s Day holiday dim, China’s economy shines brightly, revealing a robust start to the year. Traditionally a period of heightened consumer activity, the holiday has showcased the nation’s economic vitality and resilience amidst global challenges.
Preliminary data highlights significant growth across various sectors. In Beijing, monitored enterprises—including department stores, supermarkets, specialty franchises, restaurants, and e-commerce platforms—reported sales totaling 2.5 billion yuan ($352.3 million). Restaurant consumption soared with a year-on-year increase of 27.9 percent. The city’s 60 key commercial areas attracted 22.2 million visitors, up 40.5 percent from the previous year.
Similarly, the Chongqing Municipal Commission of Commerce announced that total market consumption during the holiday rose by 9.8 percent year-on-year and by 13.2 percent compared to the same period in 2019. The Guangxi Zhuang Autonomous Region reported that 208 key retail and catering enterprises achieved a sales increase of 16.4 percent, with catering businesses experiencing a remarkable 39.2 percent surge.
The travel industry, a crucial indicator of consumer confidence, experienced a substantial rebound. According to the Ministry of Culture and Tourism, domestic tourism saw 135 million trips during the three-day holiday, a year-on-year increase of 155.3 percent. Tourism revenue reached 79.7 billion yuan ($11.1 billion), marking a 200.7 percent increase from the previous year.
Data from Trip.com, a leading travel services provider, showed that domestic New Year’s Eve tourism orders increased by 168 percent year-on-year, while outbound tourism orders surged by 388 percent. High-end resort hotels and customized tours witnessed higher average spending per tourist, indicating a growing preference for quality travel experiences.
These figures underscore China’s economic resilience and the effectiveness of policies aimed at stimulating domestic consumption. As the nation navigates both domestic and international challenges, the New Year’s Day holiday performance offers a promising outlook for the year ahead.
Reference(s):
cgtn.com
