The Spring Festival, widely celebrated as China's most significant traditional holiday, has once again proven to be a powerhouse driving the nation's economic momentum. The 2024 festivities, taking place from February 10 to February 17, showcased a remarkable surge in domestic consumption, setting the stage for sustained high-quality economic and social development in the upcoming year.
This year, domestic tourism during the Spring Festival reached an astounding 474 million trips, with total expenditure soaring to 632.7 billion Chinese yuan ($88 billion). The entertainment sector also saw unprecedented growth, with the movie box office surpassing 8 billion yuan ($1.1 billion) and attracting 163 million viewers, marking historic highs in both revenue and attendance.
Family gatherings during the Spring Festival have fueled significant increases in night market consumption, accounting for approximately 53 percent of family meal expenditures—a 48 percent rise compared to the same period in 2023. Additionally, ticket sales for leisure destinations more than doubled, reflecting a robust rebound in the 2024 Spring Festival economy and a surge in national consumer confidence.
The festival's cultural significance extends beyond celebrations, acting as a catalyst for massive interregional travel. According to the Ministry of Transport, an estimated 2.3 billion cumulative interregional passenger flows were expected, including 99.59 million via railways, 2.18 billion by road, 9.4 million through waterways, and 18.04 million by civil aviation.
Reference(s):
cgtn.com
