China Prepares for Lunar New Year Amid Economic Concerns

Travellers thronged railway stations and airports on Friday clutching large suitcases and gifts as they returned to their hometowns to celebrate the Lunar New Year with family. The holiday, China’s biggest falls between Jan. 28–Feb. 4 and marks the arrival of the Year of the Snake. The festivities usually boost businesses like shops, cinemas and restaurants.

Authorities are keen to spur spending this year to revive the sluggish economy and have extended the official holiday to eight days. Efforts to boost consumption include promoting winter-themed destinations and ensuring affordable airfares. However, businesses and travellers report signs of cautious spending due to concerns over the property slump and job security.

China’s transport ministry estimates 9 billion trips will be made during the 40-day travel period, up from 8.4 billion last year.

Cinemas are a bright spot with advance ticket sales exceeding 400 million yuan by Jan. 23. Overseas travel is also surging with bookings doubling from last year. Popular destinations include Vietnam, Singapore, Indonesia and Japan. Despite festivities many remain cautious amid economic uncertainties.