Domestic travel during holidays ↑ 34.3% compared to the previous year
Travel spending increased 47.3% year-on-year
Showing a larger increase than before COVID-19
The number of trips and the growth rate of travel spending during the Lunar New Year, China’s largest holiday, have exceeded pre-COVID-19 pandemic levels.
According to data released by China’s Ministry of Culture and Tourism on the 18th, domestic travel during the eight-day Lunar New Year holiday was approximately 474 million, an increase of 34.3% compared to the same period last year.
Domestic travelers spent approximately 632.7 billion yuan (approximately 117.2 trillion won), an increase of 47.3% compared to the same period last year.
The growth rate has increased significantly compared to before the COVID-19 pandemic.
According to China’s state-run CCTV, during the Lunar New Year holiday in 2019, before the COVID-19 pandemic, domestic travel increased by 19% and travel spending increased by 7.7% compared to the same period last year.
CNBC reported that these figures are a sign that consumption is improving in China, the world’s second-largest economy, and that the figures come as the Chinese government is making efforts to stimulate domestic consumption in response to the crisis of economic recession.
The number of overseas travelers leaving China during the holiday period was 3.6 million, and the number of foreign tourists visiting China was 3.23 million. It is said that entry and exit during the holiday season has become active as visa-free entry is allowed with certain countries, such as Thailand.
However, Nomura Securities pointed out that, regarding the increase in the number of Lunar New Year trips and expenditures, “the increase rate is noticeably higher compared to the previous year,” but “the very low increase rate last year, when the impact of the COVID-19 pandemic was at its peak, must be taken into consideration.”
The Spring Festival is China’s biggest holiday, and consumption during this period is one of the main indicators of Chinese people’s consumer sentiment.
Meanwhile, the Chinese stock market, which resumed trading on this day after the holiday, showed an upward trend led by the tourism industry.
Investors are also paying attention to the additional economic stimulus measures that the Chinese government will announce in response to the economic recession crisis.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.