BEIJING: The culture and tourism ministry reports that while domestic travel and travel expenditures during China’s week-long National Day holiday were higher than they were the previous year, per capita spending fell short of pre-pandemic levels.
The information, made public on Tuesday, October 8, is a crucial gauge of consumer demand and the state of the Chinese economy. It revealed that during last week’s Golden Week vacation, 765 million domestic travels were made nationwide, representing a 5.9% rise from the previous year.
Domestic traveler spending totalled 700.82 billion yuan (US$99.30 billion), a 6.3% rise from the previous year. However, Reuters calculated that per capita spending was 2.09 percent lower in 2019 than before the COVID-19 pandemic.
In keeping with analyst projections, average spending increased by 0.38 percent year over year, or nearly flat, despite an increase in the total number of trips taken.
Due to a decline in the real estate market and growing worries about job and income security, Chinese consumer spending has been weak during the last two years.
Even though Chinese people have shown a strong willingness to travel—they routinely take more trips around important holidays than they did prior to the pandemic—they are less willing to spend money while doing so.
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