China's Domestic Tourism Surges by 28% During May Day Holiday
China saw a 28% increase in domestic tourism during the 5-day May Day holiday period compared to 2019. However, total tourism revenue was up only 13.% compared to 2019 due to travelers spending less per trip, with average spending down 6%. Weakening economic growth, job prospects, and the real estate downturn have made Chinese consumers more cautious in their spending. Retail sales growth slowed to just over 3% in March while consumer price inflation was a mild 0.1%, reflecting soft consumer demand.
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00:00It's Benzinga, and here's what's on the block.
00:02China saw a 28% increase in domestic tourism during the five-day May Day holiday period
00:08compared to 2019. However, total tourism revenue was up only 13% compared to 2019
00:13due to travelers spending less per trip, with average spending down 6%.
00:18Weakening economic growth, job prospects, and the real estate downturn have made Chinese consumers
00:22more cautious in their spending. Retail sales grow slow to just over 3% in March,
00:27while consumer price inflation was a mild 0.1%, reflecting soft consumer demand.
00:32For all things money, visit Benzinga.com.