China's Golden Week holiday spending falls in latest red flag for economy

9/10/2025 16:51

Chinese holidaymakers' average spending dipped to a three-year-low over this year's eight-day Golden Week holiday, dashing hopes that a domestic stock market rally would encourage cautious consumers to open their wallets.



Weak consumption has weighed on the world's second-largest economy this year as policymakers navigate pressure on multiple fronts ranging from U.S. President Donald Trump's trade policies to extreme weather, excessive competition in the domestic market, and chronic weakness in the property sector.



In China, the Mid-Autumn festival is an important festival for family gatherings and this year it coincided with the National Day holiday, resulting in a longer-than-normal break between October 1 and 8.



Average spending per trip during the holiday this year reached 911 yuan, down 0.55% from the same period last year, according to Reuters calculations based on government data published on Thursday.



That was the lowest since 2022, when spending fell to 680 yuan during the COVID-19 pandemic lockdowns.