China's “Golden Week”: consumer behavior in focus
The National Day holiday is seen as an important indicator of Chinese consumer sentiment
Quick Look
- The “Golden Week” of China’s National Day is one of the most important travel times of the year.
- While the government hopes to stimulate consumption, travelers are showing marked thrift, which serves as an indicator of the weakening economy.
AI-generated summary
Why It Matters
The National Day holiday was introduced in 1999 to promote domestic tourism and consumption in China.
Beijing. One of the “most important consumption windows of the year” has just opened in China. At least that's how the state news agency Xinhua puts it. The so-called “Golden Week” around China’s National Day on October 1st is one of the peak travel times in China. This year it can be combined with just three bridge days with the Moon Festival and then 13 days off - the “longest holiday season of the year,” Xinhua exults.
National Day holidays were introduced in 1999 to boost domestic tourism and consumption. Unlike the New Year in spring, when many Chinese traditionally go home to their families, tourist trips are very popular during the October holidays. Pictures of crowds on the Great Wall of China, at the pandas in Chengdu or on the harbor promenade in Shanghai are circulating on social media.
Consumer spending during Golden Week is considered a real-time indicator of consumer sentiment. There is only one problem: the Chinese are saving money.
This recently became clear during research in Dali, a tourist hotspot in southwest China. The spring-like highland climate attracts millions of Chinese to the town during the high season in summer and autumn. But there are fewer visitors than before - and those who come spend less money, complain hotel owners, tour guides and taxi drivers in unison. The sentence comes up in almost every conversation: “The economy is going badly.”
Open Questions
- How much will the actual consumption figures differ from expectations?
