Tuesday, June 25, 2024

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More Chinese citizens than ever before are choosing to spend their holidays at home due to the economic slowdown.


 – A record number of Chinese  a certain speed

They have decided to travel at a specific velocity. home 

During this year’s Golden Week holiday, there is a possibility of a increase in domestic spending. However, this could be a letdown for travel agents who have been anticipating the return of high-spending tourists going back abroad since the pandemic came to an end.

From Friday to October 6th, China will observe its longest public holiday of the year as it celebrates both the Mid-Autumn Festival and National Day.

Chinese

During the break, there is typically a large number of middle-class Chinese people who travel abroad. Chinese  hometowns for the Lunar New Year

In addition to a significant increase in domestic travel, millions of individuals, primarily manual laborers and factory employees, are making their way back to their hometowns to celebrate the Lunar New Year. home villages.

assumptions about the value of these companies may need to be reassessed.

However, with the economy facing challenges in its post-pandemic recovery, it may be necessary to reevaluate the perceived worth of these businesses. holidays 

This year, there has been a lackluster performance in regards to individual spending due to a struggling job market and low incomes, resulting in a negative impact on consumer spending.

More Chinese  holidays

Many people are still hesitant to invest in luxuries like vacations abroad. holidays

However, the amount of money spent domestically during this holiday will serve as an important indicator of consumer behavior, which is vital for the sustained growth of the world’s second-largest economy.

Joe Zhang, a tech industry employee in Beijing, warned against spending excessive amounts of money. Due to the steep cost of tickets, he will be traveling within China during the holiday season instead of going to Japan. “I’m disappointed because I haven’t traveled abroad in three years,” the 27-year-old expressed.

The China Tourism Academy, which falls under the Ministry of Culture and Tourism, predicts that there will be over 100 million daily trips during the upcoming “Golden Week” period, making it the most popular one in history.

capacity of train carriages is approximately

The trains are anticipated to be crowded and the average capacity of each train car is roughly number 

The number of flights per day has increased by 20% compared to the 2019 holiday, reports Umetrip, a flight app.

The recent Spring Festival holiday was the first major break since the lifting of nationwide COVID-19 restrictions. However, travel was limited due to a surge in virus cases.

 

Reduce air travel and consumer purchases.

According to Boon Sian Chai, the managing director and vice-president of international markets for China’s largest online travel platform, Trip.com, the data suggests an increase in domestic tourism, but the outbound market has only bounced back to approximately 60% of its pre-pandemic levels.

The price plays a crucial role in decision making, as the typical cost of group travel packages from China has increased by 30% since the pandemic. This is due in part to airlines still operating on reduced schedules compared to pre-COVID times, according to his statement.

hometown for the Lunar New Year

A person named Cao, residing in Anqing city, located in the eastern region of Anhui province, intends to remain in her birthplace for the Lunar New Year celebration. home

During this holiday season, she was forced to stay in town due to the high monthly payments for her new apartment. She explained, “In the past, I could travel further, but this year I will have to stay within my means.” home

She mentioned that she likes to explore the town and surrounding areas.

In the previous month, China removed limitations on organized trips for important travel destinations like Japan, South Korea, and the United States. However, Nancy Dai, a China Market Analyst at ForwardKeys, predicts a 48% decrease in international travels during the last quarter compared to pre-COVID levels due to visa challenges and other factors.

Booking platforms and agencies say Chinese 

Travelers are leaning towards more affordable Asian countries when going overseas, with Thailand being the top pick due to its implementation of a visa waiver program.

Zhou Weihong, the deputy general manager of Spring Tour travel agency, stated that families who travel together can save over 1,000 yuan in total visa fees. This is a great deal!

In 2019, mainland Chinese 

Travelers from this country spent a total of $255 billion while traveling abroad, which is the highest amount compared to any other nationality. It is estimated that approximately 60% of this amount was spent on group tours.

However, retailers hoping for the reappearance of these tourists will need to be patient for a bit longer.

Wang Zheng, a 31-year-old employee in the tech industry, expressed that they do not plan on splurging on shopping during their time in Thailand. They prioritize relaxing on the beach as their main focus.