China’s Golden Week got off to a promising start as tourist trips and revenue jumped through the start of the holiday, suggesting some resilience in consumer appetites.
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Tourism revenue reached 342.24 billion yuan ($46.9 billion) in the three days leading up to the mid-autumn festival and National Day celebrations, state media CCTV reported, citing data from the Ministry of Culture and Tourism.
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That’s a spike of 125% from the prior year. Domestic tourist trips reached 395 million, a 76% year-on-year increase.
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The first few days of transportation data “shows decent demand so far,” wrote economists at Citigroup Inc., referencing railway and airline data from the transport ministry.
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The early data suggest a solid bounce-back for demand compared to 2022, when the country was still largely contending with some of the world’s strictest pandemic controls.
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It’s also welcome news for the economy, which is working through a fragile and uncertain recovery, and likely needs more policy support to revive business confidence and spending.
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With a property crisis continuing to weigh on the country’s prospects, developers are looking to see if the eight-day holiday sparks a revival for the market in what’s typically a busy season for them.
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Home sales moderated their decline in September following stepped-up efforts to support the housing sector.
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Other areas are also showing encouraging signs on demand. Auto deliveries by local manufacturers have increased, and CCTV reported that sales at China’s major retailers and restaurants rose 8.3% in the first three days of the holiday from the comparable period in 2022.
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Hotel and tourism orders at key online platforms rose more than 20%, according to the broadcaster.
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