Spending data from last week’s Chinese New Year festivities show a record level of consumer activity, Xinhua reports, particularly in sectors such as tourism and services.
Overall consumption during the holiday came to a record RMB 900 billion ($142 billion). Of this, tourism generated RMB 475 billion, a 12.6% increase from 2017. It is estimated that Chinese citizens made around 386 million domestic trips between the dates of February 15th and 21st, and 6.5 million chose to spend the holiday abroad, reflecting a shift away from traditional means of celebration.
Similarly, restaurants’ earnings saw double-digit growth from last year as more families chose to eat out rather than cook at home. A record figure of RMB 5.6 billion was spent at the box office, too, in the last week.
You must log in to post a comment.