New travel and retail trends during National Day holiday
CGTN's Global Business
This year marks the 70th anniversary of the founding of the People's Republic of China. The Chinese capital market has grown from none to one that's leading Asia in the past decades. While what's trending now in tourism and shopping as China's National Day Holiday unfolds?
This year has gotten a bit traditional, a bit patriotic, and a bit international. Guo Chao, or China's homegrown fashion brands, is standing out this year for their witty mix and match of traditional Chinese art with modern designs.
The search volume of Guo Chao online this year quadrupled from a year ago. Jia Leilei, a researcher at the Chinese Academy of Art, said the boom in "Guochao" showed that China's economic power has increased so much and changed the cultural landscape.
While fashionistas look inwards, many vacationers are looking outward. As China continues to promote its Belt and Road Initiative, many tourists are becoming more interested in traveling to South America and Africa countries.
"Now, spending on holidays in China has become a rigid demand, as consumers are craving the quality and experience of consumption," said Wang Yun, consumption analyst at Chinese Academy of Macroeconomics.
For domestic travel, China UnionPay data shows that Chinese travelers are spending 20 percent more this year than the last on flights, trains, and hotels bookings ahead of the National Day holiday.