Guangzhou (JLC), February 19, 2024 – Domestic consumer spending and the tourism industry boomed during the 8-day Spring Festival holiday, data from the authorities showed, injecting fresh momentum into the world's second largest economy.
Tourism thrives
China saw a surge in domestic tourists with 474 million trips completed between February 10 and February 17, up 34.3% from the corresponding period in 2023, data from the Ministry of Culture and Tourism showed.
Domestic tourism-related revenue reached CNY632.69 billion (about USD89.11 billion) during the holiday, a surge of 47.3% from the corresponding period in 2023.
For inbound and outbound travel, China saw around 13.52 million inbound and outbound trips during the holiday period from February 10 to 17, an increase of 2.8 times over the corresponding period last year, according to the National Immigration Administration. It also recovered to nearly 90% of 2019’s level.
Consumer spending balloons
China's online transactions saw a robust increase in both volume and value during the just-concluded Spring Festival holiday, data from Chinese online payment clearing house NetsUnion Clearing Corporation, and card payment giant China UnionPay showed, cited by People’s Bank of China (PBOC).
The two platforms handled an average of 2.63 billion online transactions each day from Feb 9 to 17, up 18.6% from the previous Spring Festival holiday season.
The daily average transaction value involved increased 8% from the previous holiday period to hit CNY1.25 trillion ($176 billion).
China's box office revenue during the 8-day holiday exceeded CNY8 billion, hitting a new record for the holiday period, according to preliminary statistics from the National Film Administration.
