Holiday spending during China’s Golden Week has plunged to its lowest level in seven years
Editor’s Note: A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. , as broad Covid curbs discouraged people from traveling or spending, while a darkening economic outlook continues to erode consumer confidence. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.
Only 422 million trips were taken during this year’s holiday, down 18% from last year, according to the Ministry of Culture and Tourism. The number of trips was the smallest since 2014, and far from recovering from pre-pandemic levels. Air ticket prices were the cheapest in five years, averaging 650 yuan per domestic travel, figures from Qunar, a Chinese online travel agency, showed. And it wasn’t just travel that was down. Movie ticket revenue plummeted a massive 66% to 1.
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