China Lunar New Year Travel Spending Rebounds But Still Lags Pre-Pandemic Levels

• Record travel and spending reported in China over Lunar New Year holiday, but daily averages still below pre-pandemic levels when adjusted for extra day • 474 million domestic trips made, up 34% vs 2023; spending hit $87.9B, up 43% • But daily averages show 59.25M trips, down from 59.29M in 2019, and spending of $23.2 per trip, down 6% • Broader economic headwinds remain, including weak confidence and deflation • Stimulus hopes persist but stocks mixed, with Shanghai up 1.6% but Hang Seng down 1%