Lunar New Year | Image:Unsplash
Lunar New Year spending: As the Lunar New Year holidays drew to a close on Saturday, official data revealed a remarkable 47.3 per cent year-on-year increase in tourism revenues in China. This surge, attributed to a domestic travel boom and an extended holiday period, provides a temporary reprieve for policymakers amid deflationary concerns stemming from weak consumer demand.
During this year’s holiday, often hailed as the world’s largest annual migration, tourist attractions nationwide experienced unprecedented crowds. Domestic tourism spending soared by 47.3 per cent to reach 632.7 billion yuan ($87.96 billion) compared to the same period in 2023. Additionally, the number of domestic trips surged by 34.3 per cent to a total of 474 million.
Compared to the pre-pandemic Lunar New Year holiday in 2019, domestic tourism spending rose by 7.7 per cent, while domestic trips increased by 19 per cent. It’s noteworthy that the 2024 holiday lasted for eight…
