China’s consumer spending surges over extended Labour Day holiday
- Tourism revenue up 16.1 per cent at US$17.5 billion as traveller numbers rise 13.7 per cent
- Box office revenue grows to 1.5 billion yuan from 990 million yuan in 2018
Beijing’s decision to extend this year’s Labour Day holiday from 24 hours to 96 achieved the desired effect of increasing consumer spending, according to official figures.
Between Wednesday and Saturday, revenue from tourism rose 16.1 per cent year on year to 117.7 billion yuan (US$17.5 billion), while the number of “tourists” rose 13.7 per cent to 195 million, the Ministry of Culture and Tourism said on its website.
Also, cinema box office revenue over the period soared to more than 1.5 billion yuan (US$222 million) – from about 990 million yuan (US$147 million) in 2018, although the holiday came just a week after the release of Avengers: Endgame, the final instalment in the hugely popular Marvel Studios series.
China’s government announced the extended holiday late last month, and the move encouraged people to spend, the ministry said.
Over the break, about 38 per cent of tourists spent between 501 yuan (US$74) and 1,000 yuan, compared with just 36.8 per cent whose spending was in that range during last month’s three-day Ching Ming Festival.