Chinese Splurge During Holidays But Angst Over Spending Persists
- Subdued spending per head is warning sign for further recovery
- Stronger consumer demand needed as China faces US tariff hikes
Visitors wearing traditional clothing eat snack food at a popular shopping street in Beijing.
Photographer: Greg Baker/AFP/Getty Images
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Chinese consumers shattered records for travel and movie attendance during the Lunar New Year holiday, a splurge that has yet to translate into a turnaround for the consumer economy.
Box office receipts soared to a historical high of $1.3 billion, and the number of trips taken by passengers and air travelers reached a single-day record on Feb. 3. People made about 7% more journeys by rail since holiday travel began, compared with a year ago, based on the latest official data released through Monday.