CCG Financial Review | Insight into Spring Festival data: 4.5 billion people travel, China is full of vitality
Data from the comprehensive transportation Spring Festival travel rush show that as of February 14 (the fifth day of the first lunar month), the total number of cross-regional personnel movements in society in the 20 days before the Spring Festival travels was approximately 4.5 billion. Compared with the same caliber, it increased by 14% compared with the same period in 2023, an increase of 11% compared with the same period in 2019. Visiting relatives and friends, short trips, inter-provincial vacations… the 4.5 billion person-time movements not only embody people’s expectations for Spring Festival reunions but also add vitality to the holiday economy.
“Traveling for the New Year”, “Reunion dinner” and “Spring Festival movies” have become hot words for consumption during the Spring Festival. Lantern garden parties, Spring Festival temple fairs, garden lantern viewing, and immersive experiences of traditional culture… During the Spring Festival, cultural activities in various places are rich and colorful, residents are enthusiastic about traveling, and the festival atmosphere is strong. Family dinners and gatherings with friends have become the main sources of dine-in consumption. Data from a catering consumption platform shows that in the five days before the Spring Festival holiday, the number of orders for dine-in set meals in many places across the country increased by 161% year-on-year, and the number of orders contributed by consumers in other places increased by 186% year-on-year. In terms of entertainment, film and television, according to Beacon Professional Edition data, as of 13:15 on February 16, the 2024 box office (including pre-sales) has exceeded 10 billion, of which the total box office (including pre-sales) of the Spring Festival has exceeded 7 billion.
Data from the People’s Bank of China show that industry-wide online payment transactions processed by Wanglian Clearing Company and China UnionPay continue to grow. From the Spring Festival Eve to the fifth day of the Lunar New Year in 2024, a total of 15.38 billion transactions were processed, with an amount of 7.74 trillion yuan, a year-on-year increase of 15.8% and 10.1% respectively. Among them, consumption scenarios such as catering, accommodation, tourism, retail, film and television entertainment are particularly popular, with year-on-year growth exceeding 20%.
The rising holiday consumption data reflects the surging vitality of “Mobile China”. According to the relevant person in charge of the Ministry of Transport, we have now entered the most critical stage of returning from the Spring Festival holiday. It is expected that the cross-regional flow of people in the whole society will continue to run at a high level, and the peak passenger flow during the Spring Festival will be on February 17 (the eighth day of the first lunar month). This journey, which carries the joy of reunion, will be engraved in the hearts of the Chinese people and become the shining starting point for a better life in the Year of the Dragon. It will also add a touch of brightness to the prosperous start of the Chinese economy. (Zhang Shengqi, commentator of CCTV)