Free Trial

Chinese New Year Demand Exceeds 2019 Levels

OIL

Chinese Travel demand during the Lunar New Year holiday exceeded pre-pandemic levels, adding to signs that consumption in China is improving, according to Bloomberg.

  • Around 474m tourist trips were made around the country during the festival between Feb. 10-Feb. 17, up 19% on 2019 levels.
  • Travel numbers are also up significantly on 2023 levels, with trips rising by 36% on the year.
  • Railway travel was 36% higher than in 2019 at 99.5m trips.
  • In terms of aviation, around 18m passenger trips were made by air, with the average number of daily trips hitting 2.25m.
  • “These are strong numbers,” Hui Shan, chief China economist at Goldman Sachs said. Robust New Year tourism data are an “encouraging” sign that real household consumption growth can reach 6% this year, she added.


Keep reading...Show less
129 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Chinese Travel demand during the Lunar New Year holiday exceeded pre-pandemic levels, adding to signs that consumption in China is improving, according to Bloomberg.

  • Around 474m tourist trips were made around the country during the festival between Feb. 10-Feb. 17, up 19% on 2019 levels.
  • Travel numbers are also up significantly on 2023 levels, with trips rising by 36% on the year.
  • Railway travel was 36% higher than in 2019 at 99.5m trips.
  • In terms of aviation, around 18m passenger trips were made by air, with the average number of daily trips hitting 2.25m.
  • “These are strong numbers,” Hui Shan, chief China economist at Goldman Sachs said. Robust New Year tourism data are an “encouraging” sign that real household consumption growth can reach 6% this year, she added.


Keep reading...Show less