Tourists made a total of 295 million trips within mainland China during the five-day-long holiday, which ended on Sunday, the Ministry of Culture and Tourism said on Monday. That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days. Months later, in 2020, the Covid-19 pandemic would strike China and the world, largely shutting down travel. This year’s Labor Day tourism revenue was 166.89 billion yuan , only 13.
Chinese consumers have curtailed spending as the economy weakens and job prospects worsen. A record downturn in real estate, which accounts for 70% of household wealth, is weighing on consumer sentiment. “ consumer sentiment appears shaky judging by the sluggish retail sales spending momentum and the sharp reversal in the April services PMI,” analysts from TD Securities said in a recent research note.
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