China's Golden Week Holiday Spending Decline

This is a China news story, published by CNBC, that relates primarily to Oliver Wyman news.

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Golden Week holiday

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Golden Week consumption

CNBC

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China's Golden Week holiday signals persistent consumer caution

Summary

Nutrition label

91% Informative

China 's Golden Week holiday affirmed a trend in more cautious spending, while consumers put greater emphasis on experiences.

The seven-day public holiday that ended Monday recorded about 2% less spending per domestic trip than the pre-pandemic level.

"People become more cautious with spending. Also they opt for more affordable options of travel and affordable locations," Oliver Wyman says.

Hong Kong said visitors from mainland China visitors averaged 170,000 per day during the holiday , 27% more than a year ago .

China has introduced visa-free travel for more countries, while Alipay and WeChat Pay — the two dominant mobile pay apps — have in the last two years made it easier for foreigners to use the apps.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

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not offensive

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not hateful