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Home > 2024/02/19 Festival spending a long-tail economic boost

2024/02/19 Festival spending a long-tail economic boost

Fireworks show in a southern city of China, Feb 18th, 2024.

The national tourism industry has seen a large boom in the Spring Festival holiday. That is an indicator of the recovery of the economy.

Tourists made 474 million trips at home during the Spring Festival holiday from Feb 10 to 17, up 34.3 percent year-on-year and 19 percent from that of 2019, spending 632.69 billion yuan ($94.9 billion), an increase of 47.3 percent from 2023, and 7 percent up on 2019, according to the estimates of the Ministry of Culture and Tourism.

In 2023, the total retail sales of consumer goods reached a record high, while consumption became the main driving force of economic growth, with a contribution rate of 82.5 percent. The booming domestic consumption during this year's Spring Festival period shows consumption must now be sustained so it has a long-tail effect, and the overall performance of consumption in 2024 is a sustained driving force for the economy.