Tourism revenues in China during the Lunar New Year holidays +47.3% y/y, above pre-Covid

Travel spending in China during the long Lunar New Year holidays beat pre-COVID levels and surged 47% y/y.

We had early indications of improvement posted last week:

• China holiday traffic has surged in a positive sign for the economy

Further data from China's Ministry of Culture and Tourism showed:

• the number of domestic trips made during the holiday +34.3% y/y
• domestic tourism spending + 7.7% and domestic trips +19% in the 8-day 2024 holiday period compared to the 7-day 2019 Lunar New Year holiday (i.e. pre-pandemic)