China’s National Day holiday kicked off with a remarkable surge in travel and consumer spending, offering a promising boost to the economy and signaling renewed consumer confidence. The seven-day holiday, celebrated from October 1 to October 7, saw millions of residents seize the opportunity to explore the country and indulge in various leisure activities.
According to the Ministry of Transport, cross-regional travel within China reached over 330 million trips on the first day alone, marking a 48.1 percent increase from the same period last year. Even more strikingly, this figure surpasses pre-pandemic levels in 2019 by more than 30 percent.
International media have taken note of this significant uptick. Bloomberg described the spike in travel as “early signs of a consumer spending pickup” in the world’s second-largest economy. The Manila Times echoed this sentiment, highlighting industry experts’ predictions of a vibrant period ahead for sectors such as tourism, transportation, entertainment, and dining.
This surge comes on the heels of Beijing’s recent stimulus measures aimed at revitalizing the economy amid various challenges. These initiatives include cutting interest rates, lowering bank reserve requirements, and easing restrictions on home purchases. The policies appear to have galvanized consumer activity, with the National Day holiday serving as a catalyst for increased spending.
Singaporean newspaper Lianhe Zaobao reported that data from travel platforms show ticket orders for Chinese scenic spots on the first day of the holiday increased by 37 percent year on year. Additionally, bookings for homestays have surged by 55 percent, reflecting a strong desire among residents to travel and explore.
As the “golden week” unfolds, the momentum is expected to continue, providing a significant boost to the Chinese mainland’s tourism and consumer sectors. The widespread enthusiasm suggests a growing optimism that could have lasting positive effects on economic growth in the months ahead.
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Consumption pickup seen following China's National Day holiday surge
cgtn.com
