China Holiday Consumer Cheer Is Blip to Market Worried by Growth
- Per-trip spending during Mid-Autumn festival up 1.6% from 2019
- ANZ sees unfavorable wealth effect disrupt pace of consumption
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Chinese consumption edged up slightly during a major holiday this week from its pre-pandemic level, a rebound that didn’t sway investors still fixated on the extent of the country’s deepening economic woes.
Total spending by domestic tourists during the three-day Mid-Autumn festival rose 8% from 2019 to 51 billion yuan ($7.2 billion), the Ministry of Culture and Tourism said Wednesday. The number of trips increased 6.3% to 107 million, according to its statement.