China's New Year Holiday Consumption Recovers to Pre-COVID Levels

Hainan, the Hawaii of China, Hotel Room Booking Rate at 77%
UnionPay Transaction Amount from January 1 to 2 at Last Year's Level of 359.2 Billion Yuan

[Asia Economy Beijing=Special Correspondent Jo Young-shin] During the New Year holiday period (January 1?3), domestic consumption in China has recovered to pre-COVID-19 levels, reported the Chinese state-run Global Times on the 4th.

The Global Times stated that over the three-day New Year holiday, theaters, accommodations, and restaurants across China entered a recovery phase.

According to data released by the tourism authorities of Sanya City, Hainan Province, hotel room occupancy rates in downtown Sanya reached 77% during the holiday, and on the first day of the holiday, more than 100,000 visitors came from all over the country. Hainan Province is a major winter tourist destination known as the "Hawaii of China."

China's largest online travel agency, Ctrip, analyzed its customer database during this holiday period and found that searches for ski resorts in Zhangjiakou, Harbin, Beijing, and other locations increased by 747% compared to the same period last year, ahead of the Beijing Winter Olympics.

Ctrip analyzed that due to the impact of COVID-19, tourists under the age of 20 with strong immunity accounted for 34% of the total during this holiday, driving domestic consumption.

The Global Times also reported that Macau saw a 246% increase in the number of tourists compared to last year's National Day holiday.

The Chinese film industry also saw a surge in audiences during the New Year holiday, recovering to pre-COVID-19 levels. On the first day of the new year, China's domestic box office revenue reached 592 million yuan (96.2 million USD), setting a record for the highest revenue on a New Year's Day. The previous record was 368 million yuan in 2018.

Meanwhile, the People's Daily reported on the 4th that UnionPay transaction volume in China reached 359.2 billion yuan (approximately 60.2881 trillion KRW) over the two days from January 1 to 2, similar to the same period last year.

The People's Daily noted that spending increased in Zhejiang Province, Shanxi Province, and Gansu Province.

In particular, expenditures in the Inner Mongolia Autonomous Region, Shanxi, and Heilongjiang Provinces increased by more than 15% compared to previous years, and Jiangsu and Shandong Provinces saw high spending on shopping, the People's Daily added.

This content was produced with the assistance of AI translation services.