Date
22 July 2017
Cherry blossom tours to Japan and South Korea are among the popular promotions offered by mainland travel agents at this time of year. Photo: Internet
Cherry blossom tours to Japan and South Korea are among the popular promotions offered by mainland travel agents at this time of year. Photo: Internet

What does New Year spending in China tell us?

Movie box-office collections in China during the Lunar New Year holiday have been a topic of intense discussion in media in the past week.

Topping the chart was Mermaid, which is said to have reaped a billion yuan in ticket sales within 92 hours of its release in the mainland.

Monkey King 2, a Hong Kong-Chinese fantasy firm, is also reportedly going strong.

While the biggest portion of moviegoers continued to come from large cities, it’s the third and fourth tier places that showed the strongest growth in ticket sales, China Securities Journal reported, citing Haitong securities’ research.

In general, going to movies has become a popular entertainment all year round. It has become part of the routine for dating couples. Meanwhile, parents also deem movies as one of the best ways to spend time with kids.

The market has been growing at more than 30 percent per year between 2010 and 2015. By 2020, annual box-office receipts in China are tipped to cross the 100 billion yuan mark.

Another favorite pastime during the New Year period was taking overseas trips.

Almost 6 million people traveled abroad during the new year holiday, the Journal reported, noting that Thailand, Japan, South Korea, Indonesia and Malaysia were some of the hottest destinations.

No longer satisfied with domestic tours, mainland Chinese are eager to visit other countries to see the world as well as load up on products not available at home.

Driven by factors like rising incomes, China saw a total of about 62 million outbound visitors in the first half of 2015, up 12.1 percent over the same period in the previous year.

This emerging trend is clearly great news for travel agents, especially fast-growing online booking platforms.

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RC

EJ Insight writer

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