China Lunar New Year Holiday Spending Signals Consumer Stimulus Effect

The 9‑day Lunar New Year holiday that ended on February 21, 2026, displayed a broad increase in consumer activity, offering insight into the impact of recent policy measures. 

Spending Data Shows Consumer Stimulus Effect 

National figures released on February 22, 2026, reveal that total holiday spending grew by 5.5% year‑on‑year, while tourism trips per day rose by 5.7%, matching the level recorded in 2025. Rail travel reached a single‑day peak of 18.7 million passengers, setting a new record.  

Despite the overall rise, average spend per tourist trip fell by 0.2%, suggesting lingering price sensitivity. 

Travel and Tourism Trends 

Hotel occupancy in the top 10 destinations, all located in southern or coastal regions, exceeded 90%. H World Group reported heightened demand for larger, family‑oriented rooms as many travellers combined official leave with personal holidays.  

Online travel platform Fliggy noted that bookings for hotel and theme‑park packages more than doubled compared with the previous year, while remote locations such as Altay in Xinjiang and Pu’er in Yunnan also saw bookings double. 

Read More: IMF Calls US Economy Buoyant, sees 2.4% GDP Growth in Q4 2026; Warns on Tariffs and Debt! 

Retail and Duty‑Free Sales 

Duty‑free sales on Hainan island increased by 30.8% to 2.72 billion yuan (approximately $400 million). The island’s zero‑tariff policy, extended in December, appears to have boosted luxury‑goods purchases from mainland consumers. 

Policy Measures and Consumer Vouchers 

Local governments distributed more than 2.72 billion yuan in consumption vouchers and subsidies ahead of the holiday, providing a floor for demand. The central government’s recent support package focused on trade‑in programmes and vouchers rather than direct cash transfers, aiming to raise disposable income and encourage spending on services. 

Conclusion 

The Lunar New Year data indicates a measurable uplift in travel, hospitality and duty‑free retail, while average spend per trip shows modest deflationary pressure. The combination of extended holidays, voucher distribution and targeted support measures appears to have contributed to the observed consumption patterns. 

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