Covid-19 Weighs On Golden Week Tourism Spending

Tourism spending during the week-long National Day holiday in China was only 40% of the pre-pandemic level, with hotel and air ticket prices falling to a five-year low as renewed Covid-19 infections spread to 177 cities in 31 provinces, Caixin reported. During the seven-day holiday, a total of 422 million domestic trips generated CNY287.2 billion of tourism revenue, a decline of 18.2% y/y and 26.2% y/y, respectively, and representing a recovery of only 60.7% and 44.2% of the levels seen in same period 2019, said Caixin citing data by Ministry of Culture and Tourism. Prices of hotels and air tickets dropped by 25% and 10% y/y, respectively, hitting the lowest point in the past five years, Caixin said citing data from Tongcheng Travel.