Chinese Opt for Domestic Trips This Golden Week as Overseas Travel Lags
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Record number of Chinese choosing to travel domestically this Golden Week holiday due to economic slowdown and high overseas travel costs.
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Domestic travel spending will indicate consumer appetite and economic outlook. Many consumers reluctant to spend on non-essentials like overseas holidays.
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Average domestic air and train travel is significantly higher than pre-pandemic. But outbound travel still only 60% of pre-pandemic levels.
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Cheaper Asian destinations like Thailand are most popular due to lower costs. Chinese overseas tourism spend unlikely to recover fully this year.
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Weak job market and incomes hurting consumer spending. Tech industry workers cutting back on overseas holidays and shopping budgets.
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