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.

I agree

Spring Festival 2025: A showcase of economic strength and vitality

Tourists check in and take photos at the Drum Tower to celebrate the Spring Festival vibe in the center of Chengxiang District, Tianjin, China, February 4, 2025. /CFP
Tourists check in and take photos at the Drum Tower to celebrate the Spring Festival vibe in the center of Chengxiang District, Tianjin, China, February 4, 2025. /CFP

Tourists check in and take photos at the Drum Tower to celebrate the Spring Festival vibe in the center of Chengxiang District, Tianjin, China, February 4, 2025. /CFP

Editor's note: Matteo Giovannini, a special commentator on current affairs for CGTN, is a finance professional at the Industrial and Commercial Bank of China, a Non-Resident Associate Fellow at the Center for China and Globalization (CCG) and a member of the Global Young Leaders Dialogue. The article reflects the author's views and not necessarily those of CGTN.

The 2025 Spring Festival holiday has proven to be a powerful indicator of China's economic resilience, with strong performances across key sectors like tourism, consumption, and entertainment. In the first days of February, key economic figures revealed that domestic tourism numbers, retail sales, and the film industry have all exceeded expectations, marking a positive start for the year ahead.

One of the most notable trends is the continued growth of domestic tourism, reflecting the ongoing recovery of the sector. According to the Ministry of Culture and Tourism, the 8-day holiday witnessed around 501 million domestic travelers across China, up by 5.9 percent over last year, with the total travel expenses amounting to over 677 billion yuan, registering a 7.7 percent year-on-year growth. This surge underscores the broader trend of a rapidly recovering tourism industry, bolstered by China's infrastructure upgrades and the diversification of travel offerings.

The rebound of domestic tourism is also linked to an increased interest in off-the-beaten-path destinations. Smaller cities like Chengdu, Xi'an, and Harbin have seen a significant influx of tourists, signaling a shift away from the traditional focus on major metropolises. This shift is part of a broader strategy by the Chinese government to promote local tourism and regional development, particularly in second- and third-tier cities.

Additionally, the growth of "cultural tourism," where travelers seek to immerse themselves in authentic, regional experiences, is becoming more pronounced, motivated by the inclusion of the Spring Festival into UNESCO's Representative List of the Intangible Cultural Heritage of Humanity in December 2024. From visits to historical sites and rural villages to nature reserves and eco-tourism destinations, Chinese consumers are prioritizing travel experiences that provide cultural enrichment.

The development of high-speed rail and improved transportation networks has also catalyzed the boom of domestic tourism. By making travel more accessible and affordable, these infrastructure investments have enhanced the mobility of tourists, enabling them to explore less-visited locales and contributing to the balanced development of the country's economy.

This year's Spring Festival also witnessed significant growth in consumption, notable as it has not been driven solely by traditional consumption of goods but by a shift towards experience-based spending and digital consumption.

Online sales are reaching record highs, especially in sectors such as fashion, technology, and lifestyle goods where Chinese consumers continue to embrace the convenience and personalized experiences offered by digital retail. In addition, live-streaming commerce remains a central feature of the retail landscape. During the holiday period, millions of people engaged in live-streamed sales events, further underscoring the growing trend of digital consumption as a mainstay of the economy.

More significantly, consumers are increasingly focusing on health and wellness products and services. As people grow more conscious of their well-being, total spending on health-related services from wellness retreats and fitness memberships to organic food and self-care products saw a noticeable rise during the Spring Festival. This trend is indicative of a larger cultural shift towards prioritizing mental and physical health, a trend that has the potential to shape consumption patterns in the years to come.

The key driver of these shifts in consumption is China's younger generation, which places a higher value on experiences and quality of life. With growing disposable incomes and a burgeoning middle class, these consumers are reshaping the retail landscape, pushing businesses to adapt and cater to their evolving preferences. As the market matures, there is a clear move towards premium, experience-based offerings–whether it's travel, entertainment, or specialized goods–that align with these changing consumer priorities.

The Chinese film industry also experienced a landmark performance during the Spring Festival, contributing significantly to the overall economic output. According to data from the China Film Administration, China's total box office in 2025, including real-time presales, has surpassed 10 billion yuan, ranking it first in the world. Domestic films once again dominated the box office, a testament to the strength of China's film industry and its ability to produce quality works that resonate with local audiences.

People line up to have their tickets checked at a cinema in Shanghai, February 4, 2025. /CFP
People line up to have their tickets checked at a cinema in Shanghai, February 4, 2025. /CFP

People line up to have their tickets checked at a cinema in Shanghai, February 4, 2025. /CFP

The success of these movies reflects broader trends within China's cultural and creative sectors, which are increasingly seen as key pillars of economic growth. The domestic film industry's rise is not just a cultural victory but an economic one, with films generating revenue through ticket sales, merchandise, and ancillary services. More importantly, the success of these movies aligns with China's broader vision to enhance its cultural soft power, demonstrating its ability to produce high-quality content that relates with both domestic and international audiences.

The strong economic performance during the 2025 Spring Festival holiday has underscored the importance of domestic demand in China's economic future. With the global economic environment still in a stage of uncertainty, China's ability to rely on its domestic market for growth has become increasingly crucial. The rise in consumption, boosted by the expanding middle class, the growth of experience-based spending, and the continued boom in digital and wellness markets, is creating a solid foundation for future economic growth.

Moreover, the success of domestic tourism and the film industry illustrates the growing sophistication of China's culture and entertainment sectors. This diversification of supply, combined with rising demand from an increasingly affluent and experience-driven population, positions China well for a sustained period of growth. By focusing on innovation, cultural development, and the release of domestic demand potential, China is not only strengthening its internal economic foundations but also contributing to a more sustainable and balanced global economic environment.

The 2025 Spring Festival holiday has demonstrated that China's economy remains robust and dynamic, with tourism, consumption, and entertainment playing pivotal roles in driving growth. The increase in domestic travel, the shift toward experience-based consumption, and the continued success of the film industry are all signs of a healthy, evolving economy that is well-positioned for the challenges and opportunities of the year ahead. As China continues to unleash the full potential of its domestic market, the stage is set for sustained economic prosperity in 2025 and beyond.

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on X, formerly Twitter, to discover the latest commentaries in the CGTN Opinion Section.)

Search Trends