Consumer confidence remains weak in China
Chinese tourists traveled more but spent less during the five-day Labor Day holiday.
Data pointed out that Consumer Confidence is still weak in the world’s second largest economy. The country’s Ministry of Culture and Tourism announced on Monday that there were 28.2 percent more travels compared to 2019, but spending increased only 13.5 percent. Societe Generale, Goldman Sachs Group Inc. and Citigroup Inc. That means an 11.5 percent drop in spending for each person traveling during the holiday, which ends Sunday, according to banks such as.
“Per capita spending softened and remained below pre-pandemic levels, partly due to greater tourist flows to lower-tier cities,” Goldman economists including Lisheng Wang wrote in a note late Monday. “This indicated that the decline in consumption continues,” he said.