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If characterize the state of consumption in China accurately, that is definitely consumption slowdown, or consumption degrade. But there are some fresh signs showing that the boom in tourism in China is blunting the negative impact of consumption slowdown on economy.
Nationwide, China reported 314 million domestic tourist trips over the May Labor Day holiday, continuing the steady increase in recent years and well above the pre-Covid level of 195 million in 2019.
Also according to official data, sales of retail goods have remained tepid since the Covid-19 pandemic, up by just 3.5% last year. Meanwhile, the services sector, including tourism, sports and childcare, has seen faster growth at 6.2% last year.
Related survey indicates that travel tops the list in which consumers are willing to increase their spending this year, followed by groceries. Surging interest in history and culture is helping to push the tourism boom, also young Chinese tourists remain very interested in museums and other cultural activities.
On the flip side, high-speed transportation infrastructure is encouraging locals to visit smaller cities. Tourists in China have been turning to less popular, more remote destinations that tend to be cheaper than visiting larger cities. During May Labor Day holidays, trips to rural areas rose by nearly 20% from a year ago, with interest in farm-themed stays surging, according booking site Trip.com. Data shows that retail sales, including food, rose by 6.3% during the holiday from a year ago, tourism revenue increased by 8% to 180.27 billion yuan.
Despite concerns over economic headwinds, the strength of travel numbers indicates that consumer sentiment is still resilient, which is definitely a positive signal. The question is how Chinese government further stimulate consumption. Although travel boom is blunting the negative impact of consumption slowdown on economy, but it is not strong enough to offset the external shocks such as eye-watering tariffs on economy. Wait and see the events unfold is obviously not a wise move.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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