China’s latest Golden Week holidays (National Day and Mid-Autumn Festival) saw a significant surge in consumer activity, with cultural and sporting events playing a crucial role in boosting spending and driving economic momentum. Cities across the nation, like Beijing and Chengdu, launched distinct cultural and tourism strategies to attract visitors, resulting in a reported record-breaking 2.43 billion trips made nationwide. Despite a slight fall in the average spending per trip (reflecting continued caution among consumers who hold one of the world’s highest savings rates), the sheer volume of travelers unleashed strong consumption momentum across sectors like lodging, dining, and retail.
The holiday period was transformed into an “experience economy” showcase, where spending was increasingly driven by engaging activities rather than just products. This trend was strongly visible in the sports sector, which the government views as a new engine for economic growth. The National Tennis Center in Beijing alone attracted a notable 360,000 visitors as it hosted the China Open, demonstrating the growing consumer willingness to spend on spectatorship and sports-related experiences. Other major draws included domestic film premieres, music festivals, and themed cultural events, which together spurred a holiday box office exceeding 1.835 billion yuan ($258 million).For Chinese policymakers, the strong turnout, coupled with a surge in non-US exports, provides encouraging signs of economic resilience amid a slowdown in domestic consumption and a challenging external environment. The data validates the government’s shift to prioritize domestic demand—a core focus of the upcoming 15th Five-Year Plan—and reinforces the importance of the sports and creative industries as new growth drivers.
