China's holiday spending plunges to seven-year low as zero-Covid batters consumer confidence | CNN Business

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Holiday spending during China’s Golden Week has plunged to its lowest level in seven years

Editor’s Note: A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. , as broad Covid curbs discouraged people from traveling or spending, while a darkening economic outlook continues to erode consumer confidence. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.

Only 422 million trips were taken during this year’s holiday, down 18% from last year, according to the Ministry of Culture and Tourism. The number of trips was the smallest since 2014, and far from recovering from pre-pandemic levels. Air ticket prices were the cheapest in five years, averaging 650 yuan per domestic travel, figures from Qunar, a Chinese online travel agency, showed. And it wasn’t just travel that was down. Movie ticket revenue plummeted a massive 66% to 1.

 

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CCP “has used the zero-Covid strategy to argue its political model is superior to Western democracies”? But the fact is it is true. Isn’t it China that suffered only 5000 death, while US suffered over a million? Or CNN has a more democratic standard to measure the superiority?

经济低迷,出行48小时核酸,随时可能被隔离…。嗯,祝你好运

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Hong Kong Stocks Drop 2%; China Markets Lower After Golden Week HolidayShares in the Asia-Pacific fell on Monday, with Hong Kong’s Hang Seng leading losses.
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