Analysis: Holiday Data Hint at Chinese Consumer Spending in 2024

China’s domestic demand proved sturdy amid a burst of travel and spending over the Lunar New Year (LNY) holiday. However, the lukewarm real estate market, with sluggish sales of both new and second-hand homes, points to a slow rebound, especially in less prominent cities struggling to attract residents who want to buy property.

The holiday, central to the Chinese festive calendar and a key indicator of spending strength, may provide a glimpse into the country’s consumer spending patterns for the year ahead.