Newscasts - BVTV: Going for gold

Trip.com

09/10/2024 06:45

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Source: 'Reuters - Business videos'

Description: Bookings for overseas trips rebounded during China's Golden Week
holiday, and nearly 1 mln tourists visited Macau. Signs that the middle class
are spending offer hope to officials trying to revive growth in the world's
second largest economy, says Katrina Hamlin.
Short Link: https://refini.tv/4eYrhgm

Video Transcript:

China's Golden Week holidays offered a glimmer of hope for investors. Official
estimates suggested the volume of daily cross-border travel would rise by a
fifth from last year. And early data seems to confirm that many travelers were
indeed on the move. Online travel agency Trip.com said its long-haul flight
bookings topped pre-pandemic levels. Gambling hub Macau welcomed nearly 1
million visitors, which was more than 2019's Golden Week, and total wages by
so called "premium mass gamblers" touched a record. These early trends
indicate China's middle class may be more willing to loosen their purse
strings than previously thought despite slowing growth and a property
downturn. However, other signals were less encouraging. Hong Kong's Retail
Management Association said the number of visitors from across the border
during Golden Week was like a normal weekend. The Mainland box office was
slower than last year, with ticket sales hitting the CNY1 billion mark a day
later than in 2023. The mixed data suggests that consumption may be perking
up, but the bright spots are perhaps only in wealthier pockets of the
population. Still, Beijing will be grateful for even a partial revival. Right
before the holiday, officials unveiled a sweeping stimulus package. Hopes that
there may be more to come fueled a rally in Hong Kong's benchmark index. Any
hints that China's consumers are regaining something of their former
confidence could help to revive that momentum