The National Day Holiday which lasts 8 days and also incorporates Mid-Autumn Festival is set to cause a spending boom in various sectors. It will be the longest holiday since the COVID-19 outbreak and so will bring opportunities to sectors damaged by the virus.
The tourism sector has begun bouncing back in recent months but this will be accelerated by the National Holiday. Trip.com predicts that the number of domestic trips is likely to reach 600 million, i.e. 70-80% of last year’s volume.
With people off work and children on holidays, the entertainment industry is also expected to see revenues rise. China’s box office could earn as much as 4.6 billion RMB ($675.47 million) during the holiday. Data released by Meituan shows that the catering industry has also received a much-needed boost with online bookings for dining during the period surging by 37%.