See More news All Festival VideoChina’s travel activity and spending jumped above pre-pandemic levels during the Lunar New year holiday, in a sign that consumption was improving in the world’s second-largest economy.
Some 474 million domestic trips were made during the eight-day festival, a 34.3% jump from a year earlier, according to data released by the country’s Ministry of Culture and Tourism on Sunday.
Tourists spent nearly 632.7 billion yuan ($87.95 billion) on domestic holiday trips, a 47.3% year-over-year jump, data showed.
State broadcaster China Central Television said citing the ministry that domestic trips represented a 19% rise over the same period in 2019 while spending rose 7.7%.
The strong data comes at a time when policymakers in China have been scrambling to boost domestic consumption as the country faces deflationary pressures.
The Chinese mainland saw 3.6 million tourist departures and 3.23 million tourist arrivals during the holidays, according to the ministry, as mutual visa-free travel with certain countries hastened the recovery in both outbound and inbound travel during the holidays.
The Lunar New Year is China’s most important holiday and is often seen as key metric for gauging consumer appetite in the country.
However, sustainability of the bump in travel remains uncertain as tourism revenue per trip still remained below the pre-pandemic level.
“Although we do see some strength in the data, we urge market participants to exercise caution,” analysts at Nomura wrote in a client note, highlighting that the figures reflected pent-up demand from consumers as this was the first new year holiday that was not impacted by the pandemic-related factors since 2019.
“When interpreting the remarkably high year-over-year growth rates, we need to take into account the very low base from last year during the height of the Covid ‘exit wave’,” Nomura said.
China stocks rose on Monday, led by the tourism sector, as they resumed trading after a week-long closure.
Market participants have also been eying any additional stimulus measures from Chinese policymakers that would support the economy and potentially boost spending this year.
The People’s Bank of China on Sunday held a key policy rate steady as expected, while investors reassessed when the U.S. Federal Reserve might start easing its monetary policy this year.
A delay in rate cuts could potentially limit Beijing’s room to navigate its own policy, as U.S. monetary easing bodes well for the yuan.
The deputy governor of the People’s Bank of China, Zhang Qingsong, said earlier this month that the country has also been encouraging banks and local businesses to accept foreign bank cards and was considering other steps to make mobile pay for international visitors even easier.
The Lunar New Year is a holiday that marks the first new moon of the lunisolar calendar, which is the calendar traditionally used in many east Asian countries, including China, Vietnam, Singapore and South Korea. In these and other Asian countries, it is one of the most important holidays of the year!
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Many cultures use the Gregorian calendar to count the passage of time, but some use different means. The Gregorian calendar used by most of the world does not keep track of the phases of the moon and sun, whereas the lunisolar calendar does. This is why the Lunar New Year falls on different dates each year.
According to ABC affiliate Denver7 News, more than 1.5 billion people celebrate the Lunar New Year, with typical celebrations taking place over multiple days, sometimes up to 15, depending on the culture celebrating
Sweeping of the Grounds
The celebrations for the Lunar New Year last for 15 days, starting with a traditional sweeping of the home, according to Jan Stuart, a curator at the Freer and Sackler Galleries at the Smithsonian's National Museum of Asian Art . This serves to "drive out any misfortune, bad luck or any bad influences."
Just don't clean the next day! You don't want to sweep away all the good luck you got when the clock struck midnight.
Family Reunions
The holiday begins with a reunion dinner with one's family. As a result, billions travel to visit relatives for the celebration. This is known as Chunyun, the 40 days of travel surrounding the Lunar New Year. According to CNN, it is the "largest human migration on the planet." In 2020, the outlet reported that 3 billion trips were expected.
When is the Lunar New Year?
The Lunar New Year typically falls between Jan. 20 and Feb. 21 on the Gregorian calendar. In 2024, it begins on Feb. 10 with the Chinese New Year and will end on Jan. 28, 2025, on Chinese New Year's Eve.
What is the difference between Chinese New Year and Lunar New Year?
The title of Lunar New Year is preferred because it's less specific and more inclusive of other Asian New Year celebrations. The holiday is also known by different names in different countries. For example, in China, it is called Chūn Jié. It is known as Tết in Vietnam, Seollal in Korea and Losar in Tibet. Additionally, it is known as Spring Festival.
What to wear for the Lunar New Year?
Black and white are considered bad omens as they are typically reserved for mourning. Those who celebrate should wear bright clothes, especially the holiday's traditional lucky color: red. For Lunar New Year 2024, emerald green is considered a lucky color. Need some extra luck? You can buy all new clothes in this color; new clothes from head to toe are thought to represent a fresh start. Decorations for the holiday are typically red and gold as well.
Red is the most popular color for Lunar New Year celebrations because of its traditional associations with happiness, good fortune, wealth and auspiciousness. It also has roots in the origins of the Chinese holiday — the color red (along with loud noise and fire) was instrumental in warding off evil spirits, hence the red lanterns and firecrackers associated with the celebrations.
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