There is a record of a lot of travel and consumption on Lunar New Year in China. Thus, there are a lot of benefits as signs that the country is thriving. China is regaining its footing as the government is supporting it. However, based on calculations on the official information, there are low spending expenses. are low. Thus, consumer confidence is somewhat weaker than usual.
A complete total of 474 million trips are from in mainland China for Chinese New Year. It goes up to 34% compared to other holidays in 2023. All these statistics are from on the Ministry of Culture and Tourism. The overall spending by local tourists hit more than 630 billion yuan
However, today’s holiday season will take place for eight days. It lasts from Feb 10 to Feb 18. It lasted for an extra day compared to the previous season. “Many different factors like different government policies or propaganda work support it. However, there are also people in the urban and rural areas. There are a lot of other people that wish to travel more. The stats are recording high levels of travel activity.”
The whole Lunar New Year is the longest period in history. Thus, the entire holiday lasts for a week. It is an entirely new breaking record unaffected by the COVID-19 pandemic.
More Stats on the Trip Expenses for Chinese New Year
However, the whole ministry needed to provide more information on the trip expenses. Thus, calculations based on the official stats confirm that the consumption level isshort. It is still lower than the pre-pandemic levels.
On average, if you wish to travel outside of mainland China, the stats are still low. Thus, the official figures have then been even out.
There is an average of 1.69 million trips that have been carried out in and out of China. It is all during the holiday based on the data from the China immigration department. The whole figure goes down to 6% for the entire average of 1.79 million trips.
China’s economy is facing a lot of different challenges. It includes low confidence and other pressure. Thus, in January, consumer prices drop in a decade. It means a decline of four months straight.
Box Office Going Upwards
There are other bright spots. While there was a high consumption of large ticket items, cheap items started to boom. Movie ticket sales hit a record of 8 billion yuan all through the eight-day holiday season. The Chinese Film Administration releases the statistics. There were 163 million people at the cinema, which broke records, too. However, the box office is not enough to get rid of the analytics concerns this year. A record is a downturn in the property market. It accounts for more than 30% of the gross domestic product. Thus, there is also a record of household wealth, a blow to consumer statistics.
During the whole holiday season, there will be new daily home sales that dropped. It compares to the previous year’s statistics in a large property company.
Mixed Sentiment
There is a boost in economic data in mainland Chinese markets. As they resumed their trading on Monday, the Hong Kong market stats dropped. China stock markets dropped since it first peaked. However, the Shanghai and Hong Kong markets wipe out the value. News Source : CNN
