The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
China’s three-day Qing Ming Festival weekend, which came to an end Monday, saw domestic travel rebound to pre-pandemic levels, according to reports in Chinese state media.
According to the data of the Ministry of Culture and Tourism, 102 million domestic trips were made during the festival, an increase of 144.6 percent year-on-year and a recovery to 94.5 percent of the same period in 2019.
Data provided by Chinese tourism service website Qunar.com also showed that during this year’s Qing Ming Festival holidays, ticket bookings on the website were 1.4 times more than 2019, while hotel bookings were 1.5 times higher compared with 2019.
”China’s consumption revenues have more than doubled during this year’s Qing Ming Festival holidays compared with 2020, when many industries remained idle or closed due to the virus outbreak,” Hu Qimu, chief researcher at the Sinosteel Economic Research Institute, told the Global Times.
He anticipated that China’s consumption revenue would grow by about 50 to 80 percent during the second quarter, while total GDP could rise by around 10 percent.
In the key China market, sports stars are an increasingly popular choice for luxury brands aiming to broaden their appeal while limiting their exposure to scandal-prone entertainers.
Alibaba’s shopping holiday has lost some of its oomph, but remains a potent force for many brands. That, plus what else to watch for in the coming week.
At the latest edition of China’s top fashion week, brands adapted their designs for a more value-minded shopper as retail buyers prepared for a softer local market.
As the country’s economy moves into deflationary territory, manufacturing output declines and a real estate crisis worsens, some consumers are becoming increasingly cautious.