The Chinese mainland's seven-day National Day holiday kicked off with a significant surge in both travel and consumer spending, signaling a robust seasonal boost in economic activity. This surge has been highlighted by multiple international media outlets as a positive indicator for China's tourism and consumption sectors.
On the first day of the holiday period from October 1 to October 7, cross-regional travel within the Chinese mainland reached over 330 million trips, marking a 48.1 percent increase from the previous period. This growth also represents a more than 30 percent jump compared to pre-COVID-19 levels in 2019, according to data from the Ministry of Transport.
Bloomberg reported that this spike in travel is seen as \"early signs of a consumer spending pickup\" in the world's second-largest economy. The surge comes shortly after Beijing introduced a series of stimulus measures aimed at reviving an economy facing multiple challenges. These measures include cutting interest rates, lowering bank reserve requirements, and easing restrictions on home purchases.
Driven by these policy changes, the National Day holiday is expected to bring a concentrated boom in China's tourism and consumer sectors. Singaporean newspaper Lianhe Zaobao reported that ticket orders for Chinese scenic spots on the first day of the holiday increased by 37 percent year-on-year, while bookings for homestays surged by 55 percent.
As the Chinese mainland's \"golden week\" continues to fuel consumer spending and economic activity, industry experts predict a vibrant period ahead for sectors such as tourism, transportation, entertainment, and dining, according to the Manila Times.
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Consumption pickup seen following China's National Day holiday surge
cgtn.com
