Asia Techonomics: The hard economic indicator: Chinese are cutting back on vacation
Millions of Chinese are travelling during the upcoming "Golden Week". State media are celebrating travel records. But in a popular tourist destination, it is clear that this is only half the truth.
China's "Golden Week" has begun, a major consumption period around the National Day on October 1. This year's celebrations can be extended to 13 days due to a coincidence with the Mid-Autumn Festival. The holiday was introduced in 1999 to boost domestic tourism and consumption. During Golden Week, many Chinese prioritize traveling, and popular destinations include the Great Wall, Chengdu's panda enclosure, and Shanghai's waterfront.
However, with many Chinese currently saving money due to economic concerns, visitor numbers and spending in tourist areas like Dali have decreased.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
