Chinese spending jumps over long holiday weekend, reaching pre-COVID-19 levels

In Global Shorts
08 4 月, 2024

Chinese tourists spent $7.5 billion domestically during the recent Tomb Sweeping Day holiday, government data showed, an increase that suggests growing consumer confidence and bodes well for the sluggish economy. During the April 4-6 holiday, when Chinese people traditionally visit tombs in their hometowns to pay homage to their ancestors, per capita spending was 435 yuan ($60.14), about 101.1% of holiday spending five years ago. Chinese people spent more per capita over the long weekend than on any other holiday since China lifted COVID-19 restrictions in late 2022.

Per capita spending has recovered better than expected, with average travel spending during the 2024 New Year’s Day holiday and February Spring Festival at 96.5% and 90.5% of 2019 levels respectively, it said in a research note on Sunday. The spending data could be a turning point as China’s consumption has struggled to recover since coronavirus restrictions were lifted, weighed down by a sluggish housing market, high youth unemployment and concerns about job security amid a slowing economy. In February, average spending per trip during the Lunar New Year holiday, one of the biggest festivals, fell 9.5% compared with 2019, according to calculations based on government data.