China tourist spend big during Golden Week
Shanghai, Oct 15, 2020 - Chinese tourist spend big during the eight days long China national holiday commonly known as the "Golden Week". China Ministry of Culture and Tourism reported a record of 637 million domestic tourist visits and USD$70 billion in tourism spending during the week.
Strong Retail sales
According to China Ministry of Culture and Tourism (MCT), total of retails for goods and food purchase was 5% higher that previous Golden week holiday, reaching a whopping 1.6 trillion yuan in eight days.
It is evident that the consumers of the world's second largest economy still has the spending power or wish to spend, even under the pressure of coronavirus since January 2020. Tourist spending power recovered to about 70% of 2019.
Hotel & Entertainment
Trip.com (formerly Ctrip) reported a 70% increase of hotel booking compare to last year. Movie ticket sales reached $580 million during the week long holiday.
Island and Duty Free
Hainan, the tropical island in the South, double its sales from last year with 150% increase to USD$155 million. Duty free play a big role in the number.
Although Chinese traveler has yet to travel oversea, but this does not stop them from buying foreign goods online. Alibaba sales witness an increase of 80% during the holiday compare to last year.
As life is returning to normal in Mainland China, consumption is recovering. Having said that, there are still many challenges and uncertainty ahead that may slow the economy.