Lunar New Year: China spends more on tourism than pre-COVID

Tourism spending in China rose higher than before Covid during the Lunar New Year holiday, according to government data.

According to the government, people spent 47% more on tourism within their own country this year compared to last year. The amount spent was about 632. 7 billion yuan (£69. 7bn)

The parties happened after many years of pandemic rules and limits, which were stopped in early 2023.

The data increased because the holiday was one day longer than usual.
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During the first week of the Year of the Dragon, 474 million trips were taken within the country. The break lasted for eight days and ended on Sunday. That was over 34% more than last year and 19% higher than in 2019 before the pandemic.

The officials didn’t give details, but based on the numbers we have, it looks like people are spending about 9. 5% less on their trips compared to last year.

According to analysts at Goldman Sachs, many people are still choosing to spend less money on things.

The Spring Festival in China is a really big holiday when lots of people travel. It’s the biggest migration in the world.

Usually, many people in China go back to their hometowns to see their families or go on trips around the country.

During the pandemic, big parties were called off and people were not allowed to travel.

The increase in spending during Lunar New Year is good news for China, even though the country is going through some tough times.

Beijing is dealing with some big problems, like a housing market crisis, low overseas sales, and worries about prices dropping for things people buy.

“New information released on Sunday showed that the amount of money foreign businesses invested in China last year was the smallest it has been in 30 years. ”

According to the State Administration of Foreign Exchange, the amount of money coming from other countries to invest in our country is the lowest it has been since 1993.