Spring Festival Sees Strong Start in Consumption Growth

The Spring Festival season has seen an impressive surge in consumer activity, with online retail sales soaring to 800 billion yuan. This figure reflects a booming economy as the nation revels in the festivities, marking a significant turnaround post-pandemic.

During this year's Spring Festival, a remarkable 474 million trips were recorded across China, translating to a 34.3 percent increase compared to last year. Such travel activity indicates heightened enthusiasm for festivities and a desire to reunite with family and friends.

The conclusion of the Spring Festival was marked by the Lantern Festival, celebrated with vibrant lantern displays, traditional dragon dances, and exciting riddle-guessing events, drawing substantial attendance and tourism.

Data from LY.com revealed a threefold increase in searches related to the Lantern Festival, showcasing the popularity of short-distance cross-city tours during this celebratory season.

In particular, it's estimated that over 60 percent of the visitors to the Shanghai Yuyuan Garden Lantern Show are from neighboring cities, highlighting the appeal of local events during the festival.

Tourism has been a key highlight of the Chinese New Year, setting records in transportation, online commerce, and entertainment sectors, showcasing a dynamic economic landscape.

According to the Ministry of Culture and Tourism, China registered a total of 474 million trips during the holidays, with domestic tourism spending reaching 632.69 billion yuan, which is a notable rise of 47.3 percent compared to last year.

This Spring Festival travel rush is expected to reach an unprecedented 9 billion passenger trips over a forty-day period, highlighting the vigor of travel in the country, with over 3.5 billion trips already accounted for in the first 17 days.

The film industry also saw remarkable success during the festival, with box office revenues surpassing 8 billion yuan due to a series of successful films catering to diverse audiences across the nation.

Notably, the contribution to box office revenue from third- and fourth-tier cities has increased to 58.0 percent, underscoring a shift towards viewing trends in less urbanized areas.

Online consumption trends also highlighted a robust beginning to the holiday shopping season, as Ministry of Commerce data indicated an 8.9 percent rise in online retail sales, exemplifying a thriving digital economy.

Within this shopping season, demand for food and beverage on WeChat small programs increased by 36 percent, while travel orders rose by 19 percent, further emphasizing changing consumer behaviors during festive periods.