With 2024’s Golden Week in China already wrapped up, the country has made headlines with their record-breaking numbers and surprising trends.
Golden Week is one of the biggest holiday periods in China, this year taking place between the 1st – 7th of October. Millions of people use this week as an opportunity to hit the roads (and skies) to travel, shop and take a break. However, whilst this year saw a huge surge in travel, spending still hasn’t quite bounced back to where it was pre-pandemic.
So, what does this mean? Let’s dive into the key takeaways from this week and see what the latest numbers tell us about travel trends and spending habits.
Travel Boom: 765 Million Trips and Record Tourism Numbers
This year’s Golden Week saw 765 million domestic trips, a 5.9% increase compared to 2023. In fact, trip numbers exceeded 2019 levels by 10.2%, according to the Ministry of Culture and Tourism. Beijing, Shanghai and other major cities drew large numbers of tourists, with Beijing seeing an 18.35% rise in visitors and a tourism revenue boost of 11.67%.
Macao saw a massive influx of visitors during Golden Week, shattering several single-day tourism records. While the Macao Government Tourism Office had anticipated that daily tourist numbers would surpass the expected average of 100,000, they likely didn’t foresee quite how high those figures would climb. On October 3rd alone, the city welcomed an impressive 174,230 visitors, surpassing its pre-pandemic peak and setting a new record.
Outbound and long-haul travel also saw a significant rise. Popular destinations like Japan, South Korea, Thailand, and various European countries benefited from a drop in average airfare prices, encouraging more Chinese travellers to explore beyond their borders.
Long-haul destinations such as Australia, the U.S. and European countries like the UK and Spain saw increased interest, with longer stays—over 10 to 14 days—becoming common in Europe. Multi-destination itineraries in Europe were popular with over 30% of travellers, while nearly 80% in the Asia-Pacific chose single-destination trips. Travellers also planned their trips earlier, with visa applications submitted an average of 68 days in advance, a notable increase from last year.
Spending: A Mixed Bag
Despite the increase in domestic travel, overall spending has not rebounded to pre-pandemic levels. Domestic tourists spent 700.82 billion yuan (US$99 billion) during the week, a 6.3% rise year-on-year and up 7.9% from 2019. However, per capita spending was 2.09% lower than in 2019, indicating that while more people are travelling, they are being more cautious with their wallets.
However outbound tourism spending saw a 60% increase compared to the previous year (measured through Alipay transactions). Focus shifted from shopping to spending on local experiences such as services, transportation, and entertainment.
Luxury Goods and Services: A Decline in Sales, an Increase in 5-Star Accomodation
Since the Chinese weren’t spending as much in general, the luxury goods market also saw a decline in sales. Traditional luxury items such as Moutai liquor and hairy crabs, which are popular during Golden Week, saw reduced sales and price drops. Hairy crabs, often given as gifts, dropped from a peak of 2,700 yuan (£292) per box pre-pandemic to as low as 10 yuan (£1) per crab, again reflecting the broader changes in consumer spending behaviour.
Luxury spending in outbound travel told a different story. In terms of choosing accommodation, whilst mid-tier accommodations thrived across the Asia-Pacific region, Europe saw a notable surge in luxury stays. Bookings for 5-star hotels in Europe grew nearly three times faster than in Asia-Pacific, highlighting a preference for premium experiences among Chinese travellers in long-haul destinations.
Top Takeaways from Golden Week 2024:
- Travel Surge: 765 Million Domestic Trips – Domestic trips hit 765 million during Golden Week, a 5.9% rise from 2023, surpassing 2019 levels by 10.2%. Beijing and Macao set new tourism records.
- Outbound Travel Grows – Long-haul destinations like Europe, Australia, and the U.S. saw rising interest, with Chinese travellers opting for longer stays and more multi-destination trips.
- Spending Shift – Outbound spending shifted towards local experiences and services, with a 60% rise in transactions via Alipay, while domestic spending remained below pre-pandemic levels.
- Luxury Goods Sales Drop, 5-Star Stays Rise – Sales of luxury goods like Moutai liquor and hairy crabs declined, but luxury accommodations thrived in Europe, with 5-star hotel bookings growing nearly three times faster than in Asia-Pacific.
Overall, this Golden Week underscores a transformation in travel preferences and spending behaviours, presenting the evolving nature of the tourism sector.
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