From Qixi to Olympics, China’s consumption booms in summer
Efforts ramped up to boost service spending
From the Qixi Festival and the excitement of watching the Olympic Games to the bustling cinema scene and popular travel destinations, China is currently experiencing a surge in consumption across various sectors, showcasing the country’s vibrant and dynamic economy.
Chinese consumers are demonstrating their love for leisure, entertainment, and sports in a big way, with sports fans clamoring for gear inspired by their favorite Olympic athletes and many choosing to spend their summer days in theaters or exploring new destinations.
The spending frenzy reflects the immense potential of China’s consumption market, which is expected to further drive the country’s economic growth, experts said.
As the Qixi Festival (Chinese Valentine’s Day) approaches, couples are seeking unique and romantic dating experiences, leading to a surge in bookings for hotels and dining.
As this year’s Qixi Festival falls on Saturday, hotel packages including dinner and tickets to scenic areas are proving a hit, with a 122 percent increase in bookings compared to last month, according to data from Tongcheng Travel sent to the Global Times on Friday.
Meanwhile, the Paris 2024 Olympic Games has driven a boom in sports consumption in China.
On e-commerce platform Taobao, the “ugly fish” style slippers worn by Chinese diving sensation Quan Hongchan have seen a 1,396 percent increase in search volume. Tennis champion Zheng Qinwen’s popularity led to over 1.53 million intended purchases of the tennis racket she uses on Taobao in one night.
On online shopping platform Meituan, the search volume for “sports” saw a significant increase of 180 percent in July compared to the previous month, with some “niche” activities such as archery, indoor surfing, and rock climbing becoming the top searches among consumers.
In addition to sports consumption, Chinese box office revenues are also on the rise, surpassing 1 billion yuan ($139.4 million) in August as of Thursday (August 8), indicating a strong demand for entertainment and leisure activities, according to real-time data from ticket platform Dengta.
The surge in consumption comes as Chinese authorities are making increased efforts to boost service consumption in the country, aiming to unleash the full potential of consumer spending.
Officials from various departments announced plans on Friday to enhance service consumption.
Efforts will be made to enhance the cultural and tourism consumption atmosphere and improve the consumer experience through scenic spots ticket discounts and vouchers, officials said during a press briefing.
Efforts to boost service consumption are expected to have a positive impact on the economy, driving consumption growth and creating opportunities for businesses, experts told the Global Times.