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.
Beijing’s Covid-19 policy shift will give the sector a boost in 2023 but a surge in infections and sluggish economic growth could dampen the recovery after an uplift from Chinese New Year.
This week, China rolled back some strict zero-Covid measures, opening a road to recovery for luxury and retail. But the journey is likely to be long and bumpy, experts warn.
Despite disappointing Singles Day sales results, harsh Zero Covid restrictions and supply chain woes, international beauty conglomerates continue to see China as a growth engine.
Disappointing sales were only part of the story, as brands increasingly used the world’s biggest online shopping festival as a marketing moment.