Disappointing data on Chinese consumption is coming in for the Mid-Autumn Festival, which is held annually in China on the full moon days of early October. In 2025, it was longer than usual, from the first to the 8th of the month, because it included the national holiday marking the founding of the People’s Republic.
This holiday, also known as Golden Week, was monitored by analysts as an indicator of Chinese consumers’ propensity to spend. But according to data reported by Reuters, there are no signs of an imminent turnaround, given the ongoing weakness in spending.
Average spending per trip during the holiday reached 911.04 yuan (about 110 euros), down 0.55% from the same period last year, according to Reuters calculations based on government data released Thursday. This is the lowest figure since 2022, when spending fell to 680.6 yuan, penalized by pandemic-related lockdowns.
According to the Ministry of Culture and Tourism, 888 million domestic trips were made during Golden Week, up from 765 million during the seven-day period in 2024. Domestic tourism spending reached 809 billion yuan, up 15% from last year, according to the ministry.
Hopes, however, had been that a rally in the domestic stock market would encourage consumers in the world’s second-largest economy to spend. However, factors such as the weak real estate market, US trade policies, excessive competition in the domestic market, and the recent unprecedented heat wave, which also affected Japan, likely weighed on the spending.
Domestic tourism spending during the October holidays reached 809 billion yuan, up 15% from last year, according to the ministry.
Citi analysts wrote in a note published yesterday that overall tourism activity has largely returned to normal, thanks to the resumption of long-haul travel, but the renewed momentum has been muted, and there is little evidence of a “wealth effect” linked to the stock market rally (to a decade-high).
Nomura analysts had already speculated earlier this week that the impact of the rally on consumption would be limited for the rest of the year. Weak demand persists, while policymakers face pressures ranging from the real estate crisis to concerns about job security.
The Chinese box office contracted sharply during the week, due to the lack of major blockbusters. Revenue fell to 1.835 billion yuan, 12.8% less than in the seven-day period of 2024.
The holidays highlighted new spending trends, according to official sources, with green, smart, and “China-chic” products gaining ground. According to the data, sales of green organic foods jumped 27.9% year-over-year, while sales of smart appliances and “China-chic” clothing increased by 14.3% and 14.1%, respectively.
In China, consumer goods prices fell 0.4% in August compared to 12 months earlier, but the increase is 0.9% excluding food and energy. Tourism prices rose 0.7% year-over-year but fell 0.3% in the eight-month analysis compared to January-August 2024.
Chinese retail sales also rose 3.4% in August, compared to the same month in 2024.
Louis Vuitton Mid Autumn Festival 2025
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