Chinese Consumers Fuel Economic Surge During Festive Season
The Spring Festival has witnessed an unprecedented surge in consumer spending across China, as citizens embrace the holiday spirit with enthusiasm and confidence. Leveraging the government’s support initiatives aimed at boosting tourism and cultural activities, consumers have demonstrated remarkable purchasing power, setting new records in various sectors.
Travel Boom Returns to Pre-Pandemic Levels
Travel has emerged as a standout sector, bouncing back to levels comparable to 2019. Official data reveals that over 3.5 billion passenger trips were recorded in the first 17 days of the Spring Festival travel rush, which commenced on January 26. Projections indicate this number could soar to 9 billion by the end of the travel period, potentially marking a historic high.
While traditionally the Spring Festival is a time for families to reunite at home, a growing number of households are opting for travel experiences. Attractions such as lantern shows, flower markets, and temple fairs have drawn significant crowds, while overseas travel has also seen a substantial uptick.
Leading online travel platforms report significant increases in bookings. Fliggy noted that domestic travel reservations have surged past 2019 figures, with outbound travel bookings rising more than 15-fold compared to the same period last year. Similarly, Ctrip Travel highlighted that many scenic spots nationwide experienced a sharp influx of tourists from the first day of the festival. Provinces like Hebei, Henan, Shandong, and Shanxi saw ticket orders increase more than 15 times. The ancient city of Luoyang in Henan Province, in particular, witnessed a 35-fold year-on-year increase in ticket bookings.
A Promising Start to the Year of the Dragon
Economists and market analysts are optimistic that this surge in consumer activity will pave the way for sustained economic growth throughout the new year, despite potential challenges on the horizon. The combination of strong domestic demand and supportive government policies appears to be fueling a robust recovery in key sectors.
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Chinese consumers show strong spending power during Spring Festival
cgtn.com
