Spending on travel in China during the Dragon Boat Festival holiday recorded lower rates than pre-COVID levels, reflecting a slowdown in consumption.
China’s domestic tourism revenues amounted to 37.3 billion yuan ($5.2 billion) during this period, accounting for 94.9% of the value recorded in 2019 before the pandemic, according to a statement from China’s Ministry of Culture and Tourism. The number of domestic trips reached 106 million, exceeding the same holiday period in 2019 by 12.8%.
China’s economy faces mounting evidence of a slowdown in recent weeks, and many investment banks have cut their growth forecasts, although most expect Beijing to continue meeting its relatively conservative target of about 5% for the year. The country’s policymakers are also facing growing calls for economic stimulus.
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