Spending during China’s Golden Week has surged past pre-pandemic levels, marking a significant turn in economic recovery.
The eight-day Golden Week holiday, celebrated with fervour, showcased a noticeable increase in spending, particularly on domestic travel and accommodations.
The Golden Week holiday, coinciding with the Mid-Autumn Festival this year, has become a pivotal period for domestic tourism in China. Holidaymakers have significantly increased their spending, reaching an average of 911.6 yuan per trip, as reported by government statistics. This figure surpasses the average from 2019, illustrating a growing consumer confidence amidst economic recuperation.
During the 2023 Golden Week, spending on services such as hotels and meals was closely monitored. These expenditures have served as indicators of consumer sentiment in an economy striving to rebound post-COVID-19.
This year’s spending notably surpassed previous records, suggesting a robust domestic demand and an optimistic outlook on future economic prospects.
Tourism revenue during the Golden Week skyrocketed, totalling an impressive 753 billion yuan.
The figure not only reflects a 129.5% increase from the previous year but also a 1.5% rise compared to 2019.
The increase in tourism revenue highlights a prospering domestic travel market, stimulated by lifted COVID-19 restrictions and an eagerness to explore local destinations.
Despite the domestic travel boom, outbound tourism from China still trails behind 2019 levels.
The current slow recovery in outbound travel is attributed to constraints such as limited flight availability and elevated ticket prices.
An estimated 826 million trips were recorded within mainland China during the holiday, marking a 71.3% increase from the previous year.
This figure also represents a 4.1% rise compared to trips taken in 2019, reinforcing the idea that domestic tourism is thriving.
Such statistics underscore the vitality and resilience of domestic travel in the context of global economic challenges.
The lifting of stringent zero-COVID restrictions in China has been a catalyst for renewed travel enthusiasm.
As domestic tourism flourishes, it boosts consumer confidence and contributes significantly to the national economy.
The sustained growth in domestic tourism during the Golden Week offers promising signs for future economic development in China.
As Chinese travellers embrace their domestic landscapes, it is clear that the Golden Week has set a promising precedent for economic resurgence.
With spending surpassing pre-COVID levels, China’s path to recovery appears increasingly solid.