China holiday activity tops prepandemic levels, adds to recovery signs
China’s weak consumer activity got a temporary boost from the Qingming holiday ended Saturday, during which more travelers hit the road, adding to signs of green shoots in the world’s second-largest economy. Official data released over the weekend show that Chinese tourists made 119 million domestic trips during the three-day holiday, up 11.5% from the same period in 2019 before the pandemic.
Domestic tourism revenue totaled 53.95 billion yuan ($7.46 billion), up about 13% from 2019 levels. The revival of consumption—a key driver of growth—has been struggling to gain sustained momentum, with consumers reluctant to spend amid low confidence and economic uncertainty.
The government has made efforts to revive spending, such as via a trade-in program for big-ticket items, and recent data from January-February that included Lunar New Year activity has shown encouraging signs, but it remains to be seen if the pickup can be sustained. According to analysts at China Great Wall Securities, per capita spending during the Qingming holiday this year was 101.1% of 2019’s amount, marking the first time since the pandemic that per capita holiday spending has surpassed pre-Covid levels.
China also saw 1.04 million inbound trips and 992,000 outbound trips during the holiday, also known as Tomb Sweeping Day, which were close to the numbers in 2019, according to the Ministry of Culture and Tourism. Japan, Thailand and South Korea are among the most popular destinations, the ministry said.
China’s box office revenue during the holiday reached a new high of CNY841.64 million, surpassing the previous record of CNY822 million in 2021, according to data provider Beacon. Hayao Miyazaki’s Oscar-winning film, “The Boy and the Heron," contributed
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