China's Domestic Tourism Surges by 28% During May Day Holiday from anime growth expan Watch Video
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⏲ Duration: 0:36 👁 View: 425K times ✓ Published: 07-May-2024
Description: China saw a 28% increase in domestic tourism during the 5-day May Day holiday period compared to 2019. However, total tourism revenue was up only 13.% compared to 2019 due to travelers spending less per trip, with average spending down 6%. Weakening economic growth, job prospects, and the real estate downturn have made Chinese consumers more cautious in their spending. Retail sales growth slowed to just over 3% in March while consumer price inflation was a mild 0.1%, reflecting soft consumer demand.