(MENAFN) Official figures reveal a remarkable recovery in tourism and consumption levels in China during the Lunar New Year holiday, surpassing pre-Covid pandemic levels. Despite prevailing economic pressures, data released by authorities indicates a significant uptick in activity during the Spring Festival holiday, traditionally marked by widespread family reunions across the country, but which has faced disruptions due to the Covid-19 pandemic in recent years.
The Chinese Ministry of Culture and Tourism reports a total of approximately 474 million trips taken during the eight-day holiday period, ending on Saturday. This figure reflects a notable 19 percent increase compared to 2019, representing the first instance since the relaxation of Covid-19 health measures in December 2022 that travel volumes have exceeded pre-pandemic levels. This surge in movement underscores a resurgence in confidence and activity within China's domestic tourism sector.
Moreover, tourism expenditures during the holiday period soared to 632.7 billion yuan (approximately USD88 billion), marking a substantial 47.3 percent year-on-year increase. Importantly, this figure also represents a 7.7 percent uptick from pre-pandemic levels in 2019, indicating a robust revival in consumer spending. Chinese citizens utilized various modes of transportation extensively to reunite with relatives and friends, particularly those residing far away, to partake in Lunar New Year festivities heralding the Year of the Dragon, commencing on February 10.
The significant rise in travel and spending contrasts starkly with the previous year, wherein many Chinese opted to forego traditional gatherings due to ongoing concerns over virus transmission. Analysts, such as Ting Lu from Nomura Bank, attribute this year's surge in consumption to pent-up demand, as individuals seek to compensate for missed opportunities and subdued celebrations in previous years. This renewed enthusiasm for spending reflects not only a rebound in economic activity but also underscores the resilience and adaptability of Chinese consumers amidst challenging circumstances.
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