Holiday data show domestic spending is driving economy

During the just-concluded Spring Festival holiday, domestic tourists made 251 million trips nationwide, tourism spending was around 289.20 billion yuan ($45.45 billion), the sale of ice and snow sports goods saw a significant rise and box office revenues exceeded 6 billion yuan, the second highest Spring Festival total.

Consumption related to ice and snow sports is the biggest highlight of this year's holiday. According to a report by Ctrip on Thursday, bookings for ski-themed hotels had increased by 54 percent year-on-year as of Feb 5, while ticket sales for snow, ice and ski resorts increased by nearly 40 percent year-on-year.

A China Tourism Academy report predicts that the number of people engaged in China's leisure snow and ice tourism industry will reach 305 million person/times in the 2021-2022 snow and ice season, stimulated by the supply and demand for the Beijing Winter Olympics, the upgrading of tourism consumption, and the national layout of snow and ice facilities. Revenue from this industry is expected to reach 323.3 billion yuan.

As people have become more prosperous, their consumption trends, ways of celebrating festivals, and leisure modes have undergone major changes. The Chinese New Year is no longer limited to family reunions.

A survey carried out by the China Tourism Academy in the first quarter of 2022 shows that cultural experiences have become the main content of leisure and consumption during the Spring Festival holidays.

Another important part of China's modern urban economy is the "night economy". Its role in promoting the dual-circulation development paradigm cannot be underestimated given that it not only helps meet people's basic consumption needs such as food, clothing and transportation, but also their needs for learning, entertainment and health.

In other words, consumption is the most powerful engine driving China's economic growth and smoothing the circulation of the national economy. The consumer market's huge enthusiasm during the Spring Festival holiday can make people strongly feel that China's consumer market has not changed its trend of sustained recovery and still enjoys strong potential.

If China sticks to the strategy of prioritizing the expansion of domestic demand and enhancing the fundamental role of consumption in economic development, it will surely inject strong momentum into its economic development.