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| Lunar New Year: China tourism spending tops pre-Covid level | |
| (about 1 hour later) | |
| This year's Lunar New Year saw huge crowds at tourist attractions across China | This year's Lunar New Year saw huge crowds at tourist attractions across China |
| Tourism spending in China during the Lunar New Year jumped above pre-Covid levels, official data shows. | Tourism spending in China during the Lunar New Year jumped above pre-Covid levels, official data shows. |
| Domestic tourism spending hit 632.7 billion yuan ($87.96bn; £69.7bn), about 47% more compared to the same holiday period last year according to government figures. | Domestic tourism spending hit 632.7 billion yuan ($87.96bn; £69.7bn), about 47% more compared to the same holiday period last year according to government figures. |
| The celebrations came after years of pandemic lockdowns and restrictions, which were lifted in early 2023. | The celebrations came after years of pandemic lockdowns and restrictions, which were lifted in early 2023. |
| The data was also boosted as the holiday was a day longer than usual. | The data was also boosted as the holiday was a day longer than usual. |
| The figures for the start of the Year of the Dragon showed that 474m domestic trips were taken during the eight-day break, which ended on Sunday. That was more than 34% higher than last year and 19% above pre-pandemic levels in 2019. | The figures for the start of the Year of the Dragon showed that 474m domestic trips were taken during the eight-day break, which ended on Sunday. That was more than 34% higher than last year and 19% above pre-pandemic levels in 2019. |
| Although authorities did not give a breakdown of the data, calculations based on the official figures show that average spending on each trip was down by around 9.5% compared to 2019. | Although authorities did not give a breakdown of the data, calculations based on the official figures show that average spending on each trip was down by around 9.5% compared to 2019. |
| This suggests "consumption downgrading is still widely seen," analysts from US investment banking giant Goldman Sachs wrote in a note. | This suggests "consumption downgrading is still widely seen," analysts from US investment banking giant Goldman Sachs wrote in a note. |
| In pictures: Welcoming the Lunar New Year | In pictures: Welcoming the Lunar New Year |
| The holiday, known as the Spring Festival in China, is the world's largest annual migration. | The holiday, known as the Spring Festival in China, is the world's largest annual migration. |
| Traditionally, hundreds of millions of people return to their hometowns in China to reunite with family members, or visit tourist attractions across the country. | Traditionally, hundreds of millions of people return to their hometowns in China to reunite with family members, or visit tourist attractions across the country. |
| During the pandemic, major celebrations were cancelled and travel was banned. | During the pandemic, major celebrations were cancelled and travel was banned. |
| The jump in overall Lunar New Year spending marks some rare good news for the world's second-largest economy, which is facing a number of challenges. | The jump in overall Lunar New Year spending marks some rare good news for the world's second-largest economy, which is facing a number of challenges. |
| Among the serious issues Beijing is grappling with are a property market crisis, weak exports and concerns about falling consumer prices, or deflation. | Among the serious issues Beijing is grappling with are a property market crisis, weak exports and concerns about falling consumer prices, or deflation. |
| Meanwhile, official data released on Sunday showed that investment by foreign businesses into China last year increased by the lowest amount for three decades. | Meanwhile, official data released on Sunday showed that investment by foreign businesses into China last year increased by the lowest amount for three decades. |
| The Foreign Direct Investment (FDI) fell to the lowest level since 1993, according to the State Administration of Foreign Exchange. | The Foreign Direct Investment (FDI) fell to the lowest level since 1993, according to the State Administration of Foreign Exchange. |
| Related Topics | Related Topics |
| Lunar New Year | Lunar New Year |
| China | China |
| China economy | China economy |