{"id":123969,"date":"2021-05-06T10:41:18","date_gmt":"2021-05-06T10:41:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123969"},"modified":"2021-05-06T10:41:18","modified_gmt":"2021-05-06T10:41:18","slug":"chinese-travel-bookings-triple-during-hottest-public-holiday-since-the-pandemic","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/chinese-travel-bookings-triple-during-hottest-public-holiday-since-the-pandemic\/","title":{"rendered":"Chinese travel bookings triple during &#x27;hottest&#x27; public holiday since the pandemic"},"content":{"rendered":"<ul>\n<li>Bookings during the May 1 to 5 holiday more than tripled from the same period a year ago, with Shanghai Disney Resort among the top 10 destinations, according to Chinese travel booking site Trip.com.<\/li>\n<li>China&#x27;s Ministry of Culture and Tourism said a record 230 million trips were taken in the country during the holiday, while total spending of 113.23 billion yuan ($17.48 billion) fell short of 2019 levels.<\/li>\n<li>The surge in domestic bookings comes as the coronavirus pandemic keeps Chinese from venturing overseas.<\/li>\n<\/ul>\n<p>BEIJING \u2014 Millions of Chinese rushed to travel during the five-day Labor Day holiday, in yet another sign of gradual recovery in domestic consumption.<\/p>\n<p>May 1 to 5 marked the &quot;hottest&quot; public holiday for leisure travel since the coronavirus pandemic, Chinese travel booking site Trip.com said in a statement Wednesday translated by CNBC. The reemergence of Covid-19 on the outskirts of Beijing earlier this year prompted local authorities to restrict travel during the Spring Festival in February.<\/p>\n<p>Labor Day holiday bookings for hotels, car rentals and other travel more than tripled from the same period a year ago, and rose more than 30% from 2019, Trip.com said, without disclosing dollar amounts. Shanghai Disney Resort was among the top 10 destinations, including for those 21 years old and younger, according to Trip.com.<\/p>\n<p>Chinese consumers also spent 1.67 billion yuan ($260 million) at the movies during the holiday, primarily on domestic films, according to ticketing site Maoyan.<\/p>\n<p>Overall, a record 230 million trips were taken within the country during that period, an increase of nearly 18% from 2019 levels, according to figures from China&#x27;s Ministry of Culture and Tourism.<\/p>\n<p>However, total spending of 113.23 billion yuan ($17.48 billion) fell short of 2019&#x27;s expenditure by about 4 billion yuan, the data showed.<\/p>\n<p>At that level, spending per capita during the holiday was about 75% of what it was in 2019, said Zhiwei Zhang, chief economist at Pinpoint Asset Management. &quot;Overall the economic trend continues to improve, but part of the service sector (is) not yet back to the pre-Covid level.&quot;<\/p>\n<p>Spending by individual consumers has lagged the recovery in China&#x27;s economy since Covid-19 temporarily forced more than half the country to shut down in early 2020. Retail sales fell last year despite overall GDP growth, before surging in the first quarter of 2021.<\/p>\n<h2>International travelers turn to Hainan<\/h2>\n<p>The rush to travel domestically comes as quarantine requirements and travel bans keep most Chinese from venturing overseas.<\/p>\n<p>Chinese international travel plunged 87% last year and will not likely return to pre-pandemic levels until the second quarter of 2023, consultancy Oliver Wyman said in a report last week.<\/p>\n<p>That means billions of dollars not spent overseas can potentially be spent at home or saved for future purchases, the report said, pointing out that Chinese consumers spent $245 billion abroad in 2019.<\/p>\n<p>The analysis found that nearly 60% of those travelers are turning to the southern tropical island province of Hainan, which has expanded its duty-free shopping centers in the last few years.<\/p>\n<p>Duty-free sales in Hainan topped 700 million yuan from May 1 to 4, according to state media, citing the latest available figures from the local customs agency. For comparison, an eight-day holiday in October recorded 1.04 billion yuan in Hainan&#x27;s duty-free sales.<\/p>\n<p>&quot;May is seen as the first (moment when) you can really see the true potential of Hainan, without any travel restrictions,&quot; Oliver Wyman partner Imke Wouters said in a phone interview Thursday.<\/p>\n<p>However, she pointed out that right now brands need to work with duty-free centers in Hainan. As a result, profitability could be up to 50% less than it would be through their own stores on the mainland.<\/p>\n<p>&quot;For high-end luxury brands, Hainan will become much more attractive to them if in the future they can open their own stores instead of through a duty-free operator,&quot; Wouters said, noting government policy is moving toward individual store ownership.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/06\/china-travel-bookings-soar-during-may-labor-day-holiday-as-covid-eases.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bookings during the May 1 to 5<\/p>\n","protected":false},"author":3,"featured_media":123968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese travel bookings triple during &#x27;hottest&#x27; 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