Chinese ‘Golden Week’ Travel Drops as Consumers Spend at Home

  • Data shows trips down by a third on pre-pandemic levels
  • Cinema box office picks up as consumers spend closer to home
WATCH: Parash Jain of HSBC says he has “buy” ratings on China’s top 3 airlines.Source: Bloomberg
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Travel during China’s “Golden Week” national vacation was down by a third on pre-pandemic levels, with government measures to contain sporadic coronavirus outbreaks prompting holidaymakers to spend closer to home.

The number of trips taken on China’s roads on Wednesday was 34.1% below levels seen in 2019, according to the transport ministry, and 2.2% lower than last year. Trips taken on roads, rail and other transport networks have been consistently a third below pre-pandemic levels for each of the first five days of the week-long break.