Published on : Wednesday, March 31, 2021
The consumption of China is hoped to be firing on all cylinders, starting right from the movie box office, tourism to the catering services in the forthcoming Qingming Festival along with May Day holidays, with Chinese consumers releasing their purchasing power not done before as the country raises all restrictions on people’s movements after bringing the pandemic under control.
The insiders of the industry hope for at least 100-percent growth in the revenue of film and tourism during the impending holidays compared with 2020, when those industries remained idle due to the virus outbreak. The bounce back is hoped to drive retail consumption to exceed the level of 2019and lay the foundation for significant second-half GDP growth this year, analysts said.
“This year’s Qingming festival will provide a turning point for China’s cinemas, which were battered by the pandemic,” Zhejiang Province-based film director Xiang Kai told the Global Times on Monday.
He has calculated that the revenue of the box office during 2021’s Qingming Festival, starting on April 3 till 5th, will be 30 percent higher than 2019. As per Xiang, during the festival, over 10 new domestic films will be screened, many more than in 2019.
During the Qingming Festival in 2019, China generated 695 million yuan ($107 million) in box office revenue. Industry observers have said that the film industry revenue of China is hoped to rise even further during the Labor Day holidays. “China’s film industry and cinemas have survived the darkest moment and are ready to take off,” Xiang said.
A laundry list of available travel data signals that the Qingming Festival may lead to the first domestic travel peak for 2021.
As per a report Ctrip.com sent to the Global Times, the Chinese tourist number during the Qingming Festival will surpass 100 million, compared with 43.25 million in 2020 and 112 million in 2019.
Tags: Qingming Festival