As the Chinese Lunar New Year approaches, a large number of travelers carrying bags and luggage flocked to train stations and airports on Friday, January 24th, to join the annual exodus back to their hometowns for the festive season. They are looking forward to reuniting with their families and spending a warm and joyful Lunar New Year together.
This year, the Chinese New Year holiday runs from January 28th to February 4th, marking the beginning of the Year of the Snake in the lunar calendar. During the Lunar New Year, families gather for meals and shopping, making it one of the most significant holidays in China that typically brings substantial business opportunities for shops, cinemas, and restaurants.
Facing ongoing economic challenges, the Chinese government, especially this year, hopes that people will open their wallets to stimulate growth. As part of efforts to boost the economy, the Chinese New Year holiday has been extended from 7 to 8 days, continuing last year’s arrangement. Additionally, the government has implemented various policies to stimulate economic growth, including interest rate cuts, raising basic pensions for retirees, and expanding programs such as trading in old goods for new ones to drive economic recovery.
However, some businesses and travelers expressed to Reuters concerns about tightening their expenditures amidst a sluggish real estate market and ongoing job insecurity.
Liu, a salesperson working in Beijing, who is preparing to take a train back to his hometown in Northeast China for the New Year, admitted that economic and employment issues are causing widespread worries. “Making money and finding a job are now harder, with more people becoming unemployed, and everyone is saying that times are tougher,” he said.
In the heart of Beijing, a hairstylist known as Qiang Zi, noticed shifting consumer habits. He mentioned that although there were quite a few customers coming in for haircuts before the Lunar New Year, most of them were only seeking basic services. “In previous years, many customers would come for hair dyeing or perming around this time, but these high-value customers are now much fewer,” Qiang Zi noted. “I used to serve eight to ten of such clients a day, but last year and this year, it’s only two to three a day.”
According to the Ministry of Transport, it is predicted that during the 40-day Spring Festival travel period this year, there will be 9 billion trips made nationwide, an increase from 8.4 billion trips last year. To boost consumer demand, the government is promoting winter-themed travel destinations and striving to keep airfare prices affordable.
Data from Trip.com, a travel agency, shows a significant increase in Chinese people choosing long-distance overseas travel this year. The World Travel & Tourism Council (WTTC) data indicates that the most popular region for travel is Asia, particularly countries like Vietnam and Indonesia in Southeast Asia.
Nevertheless, some individuals have opted to stay in the city to earn money instead of returning home or traveling. Ms. Nie, a 57-year-old employee at a sports center in Beijing, shared, “If I stay in Beijing, I can earn three times my usual salary in four days, and I don’t want to miss out on this earning opportunity.” “I didn’t earn much last year, so I don’t want to miss the chance this year either,” she added, declining to disclose her full name for privacy reasons.