China Is Back: Record 19.7 Million Railway Trips Made On First Day Of May Day Holiday As Retail Sales Soar 20%
China’s “zero covid” nightmare is now long forgotten, and the long-suffering local population is finally emerging from the ashes of home lockdowns and celebrating its freedom by traveling more than ever.
According to the China Railway Group, the country tourism and consumer activities rose sharply on the first day of the five-day Labor Day holiday, as residents rushed to travel and spend after three years of Covid-19 restrictions finally ended. As Bloomberg reports, some 19.7 million railway trips were made across the country on Saturday, the highest on record for a single day.
This is just the start: the railway operator expects traffic to jump to a record 120 million passengers for the extended holiday period, up 20% from the same period in 2019, before the pandemic struck.
Meanwhile, for those lamenting the lack of a Chinese economic rebound, just wait: shoppers were out in force on Saturday too, with major retail and catering companies seeing sales expand 21% from a year ago, according to Ministry of Commerce data cited by state broadcaster CCTV. Key food chains saw a 37% revenue boost, clothing sales climbed 21% while sales of jewellery, cigarettes and alcohol all rose 17%. The bottom line: China is not only traveling, it is spending, and the long-overdue economic bounce is about to hit with a vengeance.
According to Bloomberg, many residents are making their first trips since the pandemic after the authorities scrapped Covid-19 curbs in December, fuelling a rapid rebound in consumption and domestic tourism.
Why the surge in railroad transit? Because many young tourists are opting for low-cost, value-for-money experiences, with some unexpected destinations becoming the new hot spots.
In Beijing, where some of the strictest travel curbs were imposed during the pandemic, over 1.4 million trips were made in and out of the city’s railway stations on Saturday. That was a surge of 1,485% from 2022, and 27 per cent from 2019, according to the Beijing Municipal Commission of Transport.
Finally, flights coming in and out of Beijing also saw passenger numbers soar 1,594% from 2022, and 14% from 2019, one year before covid shut down the local economy.
Tyler Durden
Mon, 05/01/2023 – 16:40
via ZeroHedge News https://ift.tt/6sxAlpZ Tyler Durden