From CNBC: 2024-10-09 01:17:24

Passengers check in at Chengdu Tianfu International Airport as China’s National Day holiday ends, reflecting cautious spending trends. Goldman Sachs analysis shows a 2% drop in per trip spending. Nearly 30% booked travel last minute. Appliance and mobile pay sales rose during the holiday, indicating a modest spending recovery.

China celebrated Golden Week with subdued spending, with a 2% drop in tourism spending per head from pre-pandemic levels. Nearly 20% of holiday bookings were from users aged 20 to 25. Box office earnings declined to $300 million this year. Consumers gravitated towards spontaneous travel bookings.

Appliance sales surged by 149.1% during Golden Week, indicating a recovery in spending tied to trade-in policies. Mainland China recorded 765 million domestic trips during the holiday. Overseas transactions by Alipay users increased by 60%. Visitors from mainland China to Hong Kong rose by 27%.

Alipay reported a 60% surge in overseas transactions during the holiday. Foreign visitors to China using Alipay spent double the amount compared to last year. Mainland China visitors to Hong Kong increased by 27%. Hotels adapted by selling more food and experiences at lower prices to attract customers.

Read more: China’s Golden Week holiday signals persistent consumer caution