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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morning Bid: China back for dollar thwackAsian trade could be more volatile than usual as China reopens after the Golden Week holiday.
Read more »
Hong Kong Stocks Drop 2%; China Markets Lower After Golden Week HolidayShares in the Asia-Pacific fell on Monday, with Hong Kong’s Hang Seng leading losses.
Read more »
China Box Office: ‘Homecoming’ Hits $160 Million, Dominating Depressed National Day Holiday WeekPatriotic rescue film “Homecoming” largely dominated the Chinese box office over the latest weekend and brought to a close a deeply-depressed National Day holiday period. “Homecoming” earned $21.5 …
Read more »
Musk Says Beijing Doesn't Want Him to Sell Starlink in ChinaElon Musk told the Financial Times Beijing doesn’t want him to sell his Starlink satellite internet service in China after it was rolled out in Ukraine.
Read more »
As tensions with China rise, life goes on in TaiwanThis past week, the Taiwanese government said China aims to normalize its military pressure on the island — which escalated after House Speaker Nancy Pelosi visited in August — with its largest military drill ever.
Read more »
Taiwan tells China that armed confrontation 'absolutely not an option'Armed confrontation between Taiwan and China is 'absolutely not an option', Taiwan President Tsai Ing-wen said on Monday, as she also pledged to boost the island's defences and reiterated her willingness to talk to Beijing.
Read more »