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.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
May Day May Have Been Obliterated from US History, But It’s Legacy ContinuesC.J. Polychroniou is a political economist/political scientist who has taught and worked in numerous universities and research centers in Europe and the United States.
Source: commondreams - 🏆 530. / 51 Read more »
May Day marchers take to Seattle streets on International Workers' DayA couple of hundred people gathered in Seattle’s Westlake Park as part of a May Day rally for workers' rights Wednesday.
Source: komonews - 🏆 272. / 63 Read more »
May means Mother’s Day, Memorial Day, tax-free salesWith Mother's Day and Memorial Day this month, there is no shortage of sales. Consumer Reports found discounts on some products that got high ratings in their tests.
Source: ksatnews - 🏆 442. / 53 Read more »
China May Day holiday spending delivers mixed picture on post-COVID recoveryChina May Day holiday spending delivers mixed picture on post-COVID recovery
Source: Investingcom - 🏆 450. / 53 Read more »
Türkiye ranks among top 10 health tourism destinations globallyTurkish health tourism revenues soar to $2.3B in 2023, tourism association board member said.
Source: trtworld - 🏆 101. / 63 Read more »
Venice launches experiment to charge day-trippers an access fee in bid to combat over-tourismThe fragile lagoon city of Venice launches a pilot program Thursday to charge day-trippers a 5-euro entry fee that authorities hope will discourage visitors from arriving on peak days and make the city more livable for its dwindling residents
Source: sdut - 🏆 5. / 95 Read more »