China's Lunar New Year Spending Soars Past Pre-Pandemic Levels on Travel and Tourism Gains

Consumer spending in China over the Lunar New Year holiday topped pre-pandemic levels, with big increases in travel and tourism revenue. Domestic trips were up 34% and tourism revenue up 47%.

Air travel saw 18M trips over the holiday, rail saw 99.5M trips, with both well above pre-COVID levels. Casino-related stocks like Wynn and Las Vegas Sands may see a Q1 boost.

China's box office revenue over the 8-day holiday exceeded 8B yuan, over 2X the previous record, which benefits IMAX China.

Retailers like Alibaba, JD.com, Pinduoduo, and others likely benefited from the surge in holiday spending.

Authorities have branded 2024 as the "Year of Consumption Promotion" but some analysts doubt spending will remain strong due to issues in the real estate sector.