Deflation, property dampen Chinese New Year cheer
China’s Lunar holiday travel data is being closely scrutinised for signs of consumer weakness and deflation as China’s Year of the Dragon begins.
Tokyo | Domestic travel in China bounced back to pre-pandemic levels in the days leading up to the Lunar New Year holiday, according to government data, but the country’s economic slowdown is overshadowing celebrations as consumers spend less than before.
Domestic passenger traffic in China on Lunar New Year’s Eve, typically the busiest day for travel in a country where hundreds of millions go home once a year to see relatives, rose 26.7 per cent compared to the same time a year ago, state news agency Xinhua said.
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