Millions are on the move, but cautious spending reveals how deep china’s consumer anxiety runs
Oct 14, 2025
China’s Golden Week holiday has brought record travel volumes, from Shanghai Disneyland to Macau’s casinos. Yet behind the crowds lies a quieter story — travellers are moving, but they’re not spending freely, reflecting deepening economic uncertainty, slow property recovery, and weak consumer confidence.
Key takeaways
- Record travel, restrained wallets: Over 1 billion domestic trips were recorded during the eight-day holiday, but spending per traveller appears muted despite government hopes for a consumption rebound.
- Economic headwinds weigh on confidence: Deflation, a property downturn, and youth unemployment above 19 percent have dampened optimism and long-term spending intentions.
- Retail and leisure spending remain soft: Retail sales rose just 3.3 percent year-on-year in the first four days of the holiday, slightly below August’s pace, while Macau and cinemas saw weaker-than-expected takings.
- “Zero-cost” tourism on the rise: Many travellers sought low-budget destinations such as parks or cultural landmarks for photo opportunities rather than high-spend activities.
- Property market slump limits recovery: Persistent real-estate weakness continues to suppress consumer confidence; analysts say stronger spending will depend on a clearer turnaround in housing and incomes.
- Government stimulus yet to translate into momentum: Trade-in and voucher schemes have encouraged small purchases, but economists expect consumption to stay tepid through year-end.
Get the full story at the Financial Times
