Golden Week: China's Holiday Spending Hits 3-Year Low

Chinese holidaymakers' spending during the Golden Week holiday dropped to a three-year low, highlighting weak consumption amid economic pressures. Despite an increase in domestic tourism, overall spending was subdued. Analysts note limited impact from the recent stock market rally on consumer behavior.

The average spending by Chinese holidaymakers during the annual Golden Week holiday plummeted to a three-year low, undermining hopes that a domestic stock market upswing would stimulate consumer expenditure.

This year's extended holiday, coinciding with both the Mid-Autumn festival and National Day, generated 809 billion yuan in domestic tourism revenue, reflecting a 15% rise from last year, according to official sources.

Despite an upturn in tourism activity, analysts cited weak overall growth momentum, with insufficient evidence of increased consumer spending spurred by the decade-high stock rally.

(With inputs from agencies.)