Chinese travel and spending during the Lunar New Year holiday exceeded levels from before the pandemic, adding to signs that consumption in the world’s second-largest economy is improving.
Some 474 million tourist trips were made around the country during the festival, which began Feb. 10 and concluded Saturday. That’s up 19% from the comparable period in 2019, state broadcaster China Central Television reported, citing data from the Ministry of Culture and Tourism. Total tourism spending for the holiday climbed nearly 8% from that year on a comparable basis, to 633 billion yuan ($88 billion).
China’s economy is searching for momentum this year as activity is challenged by a property slump, weak confidence and persistent deflationary pressures. As the nation’s most important holiday, the Lunar New Year is a key barometer for measuring consumption.