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Finance

“China’s Domestic Tourism Returns to Pre-Pandemic Glory”

“China’s Domestic Tourism Returns to Pre-Pandemic Glory” Hey there, folks! China’s big “Golden Week” holiday just wrapped up, and it seems like domestic tourism decided to dust off its travel bags and make a comeback. Overseas travel, on the other hand, seems to have hit the snooze button a couple of times and is still struggling to get out of bed, according to the official figures.

READ: “Crafting High-Seas Adventures: Player Constructs Remarkable Pirate Ship in Starfield”

Golden Week Brings Domestic Tourism Rebound:

So, what’s the scoop? Well, during this eight-day holiday extravaganza (which ended on a Friday, making it feel like a real treat), domestic tourism revenue jumped to 753.43 billion yuan, which is about $103.24 billion in fancy international currency terms.

That’s a 1.5% increase compared to the pre-pandemic levels of 2019. The number of folks embarking on domestic adventures also went up by 4.1%, reaching a whopping 826 million trips. Somebody’s been busy packing their suitcases!

Numbers Fall Short of Predictions:

Now, here’s where the plot thickens, or should I say thins? These numbers were a bit like my plans to hit the gym last year—lower than expected. The government had originally predicted 896 million trips and a hefty 782.5 billion yuan in domestic tourism revenue. Oops! Someone might need to check their crystal ball.

But wait, there’s a silver lining! This is the first time since China kicked Covid-19 restrictions to the curb that tourism revenue bounced back to 2019 levels. Morgan Stanley’s Chief China Economist, Robin Xing, and their crew noted this exciting development.

Per Capita Spending Surpasses Expectations:

They also pointed out that on a per capita basis, people were splurging at 98% of the 2019 levels, which is pretty impressive. It seems the eight-day Golden Week encouraged folks to take the scenic route and boosted spending. Who knew an extra day of vacation could do wonders for the economy?

This year, China decided to sandwich the traditional Mid-Autumn Festival and the October 1 National Holiday together, creating an eight-day holiday bonanza. But, you know, it also meant that the weekend warriors had to squeeze in a few extra working days. In a land where vacations are about as rare as a unicorn sighting, this extended break was a golden ticket for many to jet off to foreign lands.

International Travel Still Faces Hurdles:

Speaking of jetting off, the National Immigration Administration reported around 11.8 million trips in and out of mainland China during the holiday. That’s a daily average of nearly 1.5 million trips—about 85.1% of the 2019 levels. Not too shabby, right? Well, the state media’s crystal ball must’ve needed a bit of polishing because they had predicted nearly 1.6 million trips a day. Close, but no cigar!

Meanwhile, Chinese travelers were spreading their wings, especially the young guns in their mid-20s to early 30s. They were all about that outbound travel life, with an increase of over eight times compared to last year. Top destinations included hotspots like Thailand, Singapore, Malaysia, and South Korea.

But hold your chopsticks, Switzerland, Spain, Turkey, the U.K., and France had the fastest growth in tourist numbers. Sorry, no comparisons to 2019, though. Jane Sun, the CEO of Trip.com, spilled the beans that long visa application waiting times, sometimes as long as your favorite TV series, were keeping Chinese travelers from exploring the world as much as they’d like.

“Golden Week Delivers Mixed Tourism Results”

So, in the end, while China’s tourism is putting on a show, the country’s rebound from the pandemic has slowed down, kind of like when you hit the snooze button repeatedly on a Monday morning. Goldman Sachs analysts are suggesting that more policy easing might be needed to get things back on track, especially with the property market doing the limbo dance and confidence still taking a siesta.

So there you have it, folks! China’s Golden Week was golden, but not exactly as glittery as they had hoped. As for the crystal balls and predictions, well, they might need a little more shine. Until next time, keep your suitcases ready, your passports handy, and remember that vacations are a bit like a box of chocolates—you never know what you’re gonna get!

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