Analysis: China’s Holiday Spending Doesn’t Bode Well for 2022

Despite a nearly 48% increase in the number of people returning to their hometowns for the Lunar New Year (LNY) holiday compared to the same period last year, a contraction in movie box office sales and tourism revenues — due perhaps to the worsening economy — suggests that this did not result in materially higher consumption demand. Property sales, heavy truck sales and operating rates of some key manufacturing sectors deteriorated further in January.