Chinese locals and tourists are expected to go on a major spending spree in the days leading up to February 5 and well after it in celebration of the 2019 Lunar New Year. Every year, Chinese citizens from all over the world take part in what could be the largest annual migration as they seek to spend the holidays with family and loved ones. Chinese New Year festivities are likely to last a week, which is great news for retailers, travel service providers, and the tourism industry in general.
In 2018, the Lunar New Year celebrations raked in CNY475 billion ($70.2 billion) in revenue, both locally and internationally, with overseas per capita consumption hitting a total of $1,400, writes Jing Daily. This amount reportedly contributed up to $9.1 billion to the economies of destination countries. It is said that over 6.5 million Chinese traveled overseas during this period in 2018.
For 2019, all these amounts are expected to log even higher as China's personal wealth continue to grow and more citizens gain opportunities for travel. Outbound tourist numbers are likely to hit 7 million this year, with another 400 million going on domestic trips. Along with all of these movements is the fact that the Chinese have money to spend, whether it's for hotels and accommodations, transport, food, shopping, telecommunications, and more. The top destinations reportedly identified by Chinese travelers include the U.K., the U.S., Italy, and Australia.
Locally, the Ministry of Culture and Tourism said that there will be some 1,500 Lunar New Year events across China and worldwide. The Chinese community is widespread globally so around 133 countries and regions are expected to participate in the celebrations, writes China Daily. Travelers and locals can anticipate an extravagant showcase in 2019, which is also the 10th anniversary of the Ministry's Happy Chinese New Year program.
Lunar New Year is arguably the most important holiday among the Chinese and is treated like a combination of Christmas, New Year's Eve, and Thanksgiving holidays in U.S. terms. It marks the start of the spring season and is a time where family and friends get together to celebrate - and spend. Because of its huge scope, it not only affects tourism numbers and revenues, but also factory productions, stock markets, and overall economic activity.
