China's Golden Week Travel and Spending Lag as Economic Uncertainty Persists

Travel during China's Golden Week holiday fell below forecasts, signaling consumers are still hesitant to spend freely amid economic uncertainty.

Total trips increased just 4.1% and tourism revenue rose only 1.5% compared to 2019, before the pandemic.

Recovery of domestic travel is steady but slower than hoped. International travel is rebounding but constrained by visa backlogs.

Weakness in housing market and high youth unemployment continue to dampen consumer confidence.

Upcoming retail events like Singles Day will provide more insight into state of Chinese consumption.