As the vibrant lanterns of the 2024 New Year's Day holiday dim, China's economic performance during this festive period offers a promising outlook for the year ahead. Traditionally marked by increased consumer spending, travel, and production pauses, the holiday serves as a crucial indicator of consumer confidence and the resilience of China's economic mechanisms amidst various challenges.
Preliminary data reveals a strong start to 2024. In Beijing, monitored enterprises such as department stores, supermarkets, specialty franchises, restaurants, and e-commerce platforms reported sales totaling 2.5 billion Chinese yuan ($352.3 million). Restaurant consumption surged by 27.9 percent year-on-year, and Beijing's 60 key commercial areas welcomed 22.2 million visitors, a 40.5 percent increase compared to last year.
Similarly, the Chongqing Municipal Commission of Commerce reported a 9.8 percent growth in total market consumption during the New Year's Day Holiday of 2024 compared to the same period last year, and a 13.2 percent increase compared to 2019.
In the Guangxi Zhuang Autonomous Region, monitoring data showed that 208 key retail and catering enterprises achieved a 16.4 percent year-on-year sales increase. Retail businesses rose by 16.2 percent, while catering businesses saw an impressive 39.2 percent growth, signaling renewed vigor in domestic consumption.
The travel industry, a vital indicator of disposable income and consumer sentiment, also bounced back robustly. According to the Data Center of the Ministry of Culture and Tourism, over the three-day New Year's Day holiday, domestic tourism in China saw 135 million trips, a year-on-year increase of 155.3 percent. Domestic tourism revenue reached 79.7 billion yuan ($11.1 billion), marking a 200.7 percent increase compared to the previous year.
Additionally, the latest report from Trip.com highlights a significant rise in tourism orders. Domestic New Year's Eve tourism orders increased by 168 percent year-on-year, while outbound tourism orders soared by 388 percent. High-end resort hotels and customized tours saw a notable rise in average spending per tourist, reflecting enhanced tourism consumption.
These robust figures during the New Year's Day holiday underscore China's economic resilience and adaptability, setting a positive tone for the remainder of 2024.
Reference(s):
cgtn.com
