China's Lunar New Year Box Office Breaks Records Amid Domestic Spending Surge

China's box office achieved an unprecedented milestone during the Lunar New Year, amassing 9.5 billion yuan. Domestic spending also rose, indicating rising demand. While air travel showed a mixed trend, overall consumer confidence is buoyed amid ongoing challenges like the property crisis.

China's film industry witnessed a spectacular performance during the Lunar New Year celebration, with box office earnings reaching a record 9.5 billion yuan. This represents an 18.8% increase from last year, as moviegoers thronged cinemas for popular films like 'Nezha 2'.

The Lunar New Year period saw 187 million tickets sold, another record, coupled with a significant rise in domestic travel spending. According to the Ministry of Culture and Tourism, travel expenditures surged to 677 billion yuan, and trips climbed to 501 million.

While domestic airline passenger numbers slightly declined, international flights surged by 21.4%. Despite challenges such as a protracted property crisis, policymakers remain focused on boosting domestic consumption to sustain economic growth in the Year of the Snake.

(With inputs from agencies.)