iChongqing Title

China's Consumption Recovery off to a Strong Start in 2023: Fitch

By Zhang Zhaoqing, Xinhua|Feb 06,2023

Beijing - China's consumption sector posted a strong recovery in early 2023, with the high-end and mid to high-end discretionary service sectors performing impressively, according to a report from Fitch Ratings.

A moviegoer touches the screen to get tickets on a self-service machine at a cinema in Guiyang, southwest China's Guizhou Province, Jan. 29, 2023. (Photo/Tao Liang, Xinhua)

China's offline consumer service sectors, including tourism, movies and catering, that were hit severely by the COVID-19 epidemic, saw a strong rebound in demand during the Spring Festival holiday, it said.

Domestic tourist trips recovered to around 90 percent of the 2019 level, while tourism spending was at 73 percent due to ticket discounts.

China's box office achieved the second-highest take on record, and the number of cinema visits was only slightly below the 2019 level, said Fitch Ratings. Catering dine-in consumption grew by 15.4 percent year on year during the holiday, with average restaurant spending up by 10.8 percent, Fitch Ratings revealed, citing data from the Ministry of Commerce.

Fitch Ratings expected domestic demand for catering, tourism, beauty services, and cultural and entertainment activities to recover steadily in 2023.


MUST READ

New Era, New Journey, New Chongqing

Internet illegal and undesirable information can be reported by calling this telephone number:+86-23-67158993

渝ICP备20009753号-2 互联网新闻信息服务许可证号:50120220004

I Agree
Our Privacy Statement & Cookie Policy

By continuing to browse our site you agree to our use of cookies, revised Privacy Policy and Terms of Use. You can change your cookie settings through your browser.

For any inquiries, please email service@ichongqing.info

About UsContact Us

Leaving a message
Back