May Day holiday travel boom attests to potential of consumption and tourism

The just-concluded May Day holiday has shown China's prospering tourism industry and improving signs of its economic recovery, with some new characteristics emerging that herald a new trend for the country's tourism sector.

Data released by Ctrip show that travel booking orders in the smaller cities increased by 140 percent during the five-day holiday, significantly higher than in metropolises, reflecting the shift in people's tourism interests from bigger to smaller cities and the increasing attractiveness of some "niche scenic spots". That some local tourist brands have been increasingly favored by people also indicates that people's consumption habits are changing.

During the five-day May Day holiday, local governments, in accordance with the action plan previously issued by multiple departments aimed at promoting the replacement of old consumer goods with new ones, took a series of concrete measures to promote the replacement of old vehicles with new energy vehicles, and old home appliances with smart ones. Many local governments have successively issued rules for exchanging old consumer goods with new ones, clarifying the scope of support and subsidies for consumers participating in the old-for-new campaign.

The campaign is expected to leverage a "big cake" of 5 trillion yuan ($693 billion) in the Chinese market. Given that the project includes equipment renovation in manufacturing and automobiles, home decoration, furniture and appliances in the consumer field, it is linked to not only production but also consumption and will play a role in catalyzing the development of new quality productive forces.

The more choices and experiences brought by the "holiday economy" also reflect a more promising Chinese consumer market and more choices for consumption upgrading.

During the May Day holiday, outbound tourism recovered to the level of the same period in 2019 before the COVID-19 pandemic. According to Bloomberg, based on ticket sales in early April, outbound travel from China from April 27 to May 5 exceeded expectations. The recovery of China's outbound tourism has brought new expectations for the global tourism market, which should be ready to receive Chinese tourists with higher expectations.

Even inbound tourism is showing better results. Data show that inbound travel bookings during the May Day holiday increased by 130 percent year-on-year, with many foreign tourists choosing to wear traditional Chinese costumes and speak Chinese to better enjoy Chinese culture.

The May Day holiday not only writes a new chapter of China's "holiday economy", but also shows that China's new quality productive forces are releasing vitality, and its new type of consumption is emerging at a faster pace.

-BEIJING YOUTH DAILY