BEIJING – Zibo, in eastern Shandong province, looks just like any other industrial town in China, home to petrochemicals, textiles and porcelain factories.
When train tickets for the holiday period went on sale on earlier this month, the Beijing-Zibo route sold out in under a minute according to domestic media. As China quickly reopens after finally dropping its virus restrictions, scenes like those in Zibo demonstrate how despite high hopes for the economy to bounce back immediately, the financial hit from three years of Covid Zero is still keeping a lid on residents’ spending power.
“There’s a divergence in the speed of consumption recovery,” said Ms Ada Li, an analyst at Bloomberg Intelligence. “Lower income groups, who would have been affected the most by pandemic and unemployment, are typically more cost-conscious as they have less disposable income. It takes longer for their demand to recover.”
She said she plans a “special forces” style holiday, using a popular term that describes a short trip with a packed itinerary to minimise costs. “Most consumers are very surprised how sincere and honest the Zibo businesspeople are, as they didn’t raise prices even when tourist traffic surged so significantly,” said Mr Dave Xie, a Shanghai-based principal at consultancy Oliver Wyman. “It’s so common for popular tourist cities to rip people off.”
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