Published Feb 7, 2025
China's domestic consumption has expanded at robust pace, setting several records during the just concluded Spring Festival holiday. What do these trends indicate about the country's economy in 2025?
Host Ge Anna is joined by Mario Cavolo, Founder and CEO of M Communications Group; Subramania Bhatt, Founder and CEO of China Trading Desk; And Dr. Yao Shujie, Chueng Kong Professor of Economics, Chongqing University.
China Trading Desk CEO Subramania Bhatt recently joined CGTN’s World Today podcast to discuss China’s evolving tourism landscape and consumer behavior. CEO Subramania Bhatt highlighted a major shift to experiential consumption, with 63% of consumers prioritizing culture, architecture, and nature over traditional purchases. This trend is reflected in a 66% increase in cultural spending and a 174% surge in heritage travel searches.
China’s tourism industry is thriving, with 80% of Spring Festival trips centered around family and parent-child travel. Inbound tourism has also surged, with 20 billion visitors benefiting from new visa-free policies, while outbound travel is rebounding strongly, with 130 million Chinese travelers expected in 2024—surpassing pre-pandemic levels.
Consumer confidence remains high, driving record Spring Festival spending of 680 billion yuan (~$95 billion USD) and 2.3 billion passenger trips. China’s film industry is also thriving, with box office revenues surpassing North America, signaling strong domestic demand.
The winter sports sector has seen exceptional growth, with 520 million visitors and 600 billion yuan in revenue, positioning China as a leading winter tourism destination. Digital platforms like Douyin (TikTok) are further expanding China’s global tourism reach, promoting lesser-known destinations and attracting international travelers.
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