Holiday consumption mirrors China's economic vitality in new year
BEIJING--Chinahasbaskedinafestivehustleandbustleaspeoplecelebratedthelunarnewyearoftherabbitwithstrongconsumersentiments.
Duringtheweek-longholiday,whichendedonFriday,salesrevenueofChina"sconsumption-relatedsectorsrose12.2percentfromlastyear"sSpringFestivalholiday,whichranfromJan31toFeb6,datafromtheStateTaxationAdministrationshowed.
Thefiguresawanaverageannualgrowthof12.4percentcomparedwiththeSpringFestivalholidayin2019,thepre-COVID-19period,accordingtothedata.
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ManypeoplereturnedtotheirhometownsforfamilyreunionsduringthefirstSpringFestivalholidayafterthecountryoptimizeditsanti-virusresponse,whileotherstooklong-awaitedtripsforleisure.Duringtheholiday,peoplealsoswarmedintocinemas,restaurants,anddifferenttypesoftouristattractions,satisfyingtheirpent-upconsumingdesire.
MOVIEGOERSAREBACK
China"scinemaswelcomedcrowdsofmoviegoerswithaclusterofhighlyanticipatedblockbustersonofferduringthisyear"sSpringFestivalholiday.Intheperiod,129millionticketsweresold,generatingawhoppingrevenueof6.76billionyuan(about$998.49million),up11.89percentfromthesameperiodof2022.
Theearningsmadethisyear"sholidaythesecondhighest-grossingtodate,sendingastrongsignaloftherobustrecoveryofChina"sculturalandtourismindustrythisspring.
RaoShuguang,presidentoftheChinaFilmCriticsAssociation,saidthemoviefrenzymadehimfeelthatChinesefilmswillbeoffto"anewstarttowardsabetterfuture"afterbeinghamperedbyCOVID-19foryears.
TRAVELERSHITTHEROAD
Likethezealformovies,demandsforleisuretravelloggedexplosivegrowthintheweek-longholiday.Some308milliondomestictripsweremadeintheperiod,up23.1percentfromtheSpringFestivalholidaylastyearandrecoveringto88.6percentofthesameholidayin2019,accordingtocalculationbytheMinistryofCultureandTourism.
Therevenueofdomestictourismhit375.8billionyuan,up30percentfromthesameperiodlastyearandresumingto73.1percentof2019.
DatafromonlinetravelagencyTrip.comGroupshowedthattourismreservationsforthisyear"sSpringFestivalholidayskyrocketedby4timesfromtheholidayperiodlastyear,withthenumberofbothdomesticandoutboundtripshittingnewhighsoverthepastthreeyears.
Comparedwiththeweek-longholidaylastyear,salesofticketsformajordomestictouristattractionsmorethanquadrupled,accordingtoTrip.com.Ordersofdomesticairticketsandtrainticketsrose40percentand80percent,respectively,andbookingsforinternationalairticketssoaredmorethan4times,datafromAlibaba"stravelbranchFliggyshowed.
Searchesfor"hotelreservations"ontheAlipayplatformsurged6timesthisyearcomparedwiththeholidaylastyear,andrelatedconsumptionrose80percent.Duringthefirstfourdaysoftheholiday,bookingsfordomestichotelsexceededthatintheSpringFestivalholidayof2019,datafromFliggyshowed.
Specifically,thenumberoflong-distancetoursloggedsteadygrowthduringthisyear"sholiday,withreservationsforlong-distancedomestictripsjumpingover500percent,accordingtoFliggy.
Averagetraveldistanceperpersonhasalsoincreasedby400kilometerscomparedwithlastyear,datafromtheonlinetravelserviceproviderQunarshowed.Thesignificantincreaseoflong-distancetouristsboostedChina"stouristmarketduringthisholiday,saidGuoLechun,vicepresidentofthebigdataresearchinstituteofthecompany.
"ThepopularityoftheSpringFestivaltourismisobvioustoall,"saidShenJiani,aseniorresearcherwiththeCtripResearchInstitute,"Takingthisasastartingpoint,webelievethattheconfidenceandpotentialofChina"stourismconsumptionwillbereleasedrapidly,andthemarketisexpectedtoembraceaconsiderablerecoverythisyear."
LONGQUEUESOUTSIDERESTAURANTS
CateringbusinessinChinaalsoembracedsteadyreboundintheweek-longholiday,triggeredbypeople"smountingenthusiasmfortravelingandfamilyreunions.
SearchesforrestaurantsservingthefeastontheSpringFestivaleve,onehighlightoccasionfeaturingafamilygatheringandsumptuousdishes,soaredover157percentcomparedwithlastyear,accordingtoDianping,theChineseversionofYelp.
"Ididn"tgohomeduringthefestivalinpastyears,"saidNana,whoworksinBeijing.Thisyear,shemadeareservationatarestaurantinherhometownasearlyasonemonthbeforetheholiday."I"dliketodineoutwithmyfamilyontheSpringFestivalevetowellcelebratethenewyear."
AccordingtoChina"se-commerceplatformMeituan,ordersofmulti-persondiningpackagesinChina"srestaurantsinthefirstsixdaysofthisholidayrose53percentfromthesameholidayperiodof2022.
Throughouttheweek-longholiday,hordesofpeoplecrowdedoutsiderestaurants,andsomehadtowaitforhoursatpopularrestaurants.
"Thenumberofourqueueingcustomershasreached3,000everyday,andourcrayfishsaleshavefarexceededthepre-epidemiclevel,"saidSunPing,generalmanagerofChangshaWenheyou,afamousrestaurantbrandinChangsha,centralChina"sHunanProvince.
SHOPPINGSPREE
Thestrongexpansionofdemandforvariousproductsandservicesalsoboostedtheretailmarketinthepastholidayperiod.Datafrome-commercegiantJD.comshowedthattheturnoveroflifeservicesjumped302percentfromthesameholidayperiodlastyear,andsalesofrabbit-themedjewelryrosemorethan10times.
Productslikegiftboxes,wintersportsequipment,semi-cookedfood,homeappliances,andhealthcareitemsalsoreportedrapidsalesgrowth,thedatashowed.
AnalystshaveunderlinedthevigorofChina"seconomyin2023,pinningtheirhopesontherobustrevivalofconsumptioninparticular.
China"sgrowthpotentialwasfurtherunleashedbyorderlyeasingofmobilityrestrictions,followedbyastrongreleaseofpent-updemandforconsumptionandservices,accordingtoareportrecentlyissuedbytheWorldBank.
WenBin,chiefeconomistwithChinaMinshengBank,saidthatwarmingdemandathomewillpropeltheturnaroundintheChineseeconomythisyear,andestimatedthecountry"sfull-yearGDPgrowthataround5.5percent.
AccordingtotheChasingInternationalEconomicInstitute,thepercapitaconsumptionexpenditureinChinaisexpectedtogrow8to12percentfromayearagoin2023,whiletotalretailsalesofconsumergoodswillexpand7to11percentyearonyear.
"WeexpectChina"seconomicgrowthin2023tobemuchhigherthanthepreviousyear,mainlydrivenbyconsumption,"saidRobinXing,chiefChinaeconomistwithMorganStanley.
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