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☆ Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
▼ + stars: | 2024-02-19 | by ( Laura He | Marc Stewart | ) edition.cnn.com time to read: +6 min

But according to CNN calculations based on official data, the average tourism-related spending per trip was below pre-pandemic levels, as consumer confidence remains weak amid deflationary pressure. However, the most recent holiday season took place over eight days from February 10 to February 18, which was one day more than previous periods. On average, 59.25 million domestic trips per day were made during this holiday period, slightly lower than the 59.29 million trips per day taken in 2019. Movie ticket sales reached a record 8 billion yuan ($1.11 billion) during the eight-day holiday season, according to data released on Sunday by China Film Administration. “The headwinds to growth remain severe and it will take more than a bump in holiday travel for market sentiment to recover,” said Neumann.

Persons: ” Nomura, ”, Frederic Neumann, Neumann, “ Organizations: Beijing CNN, CNN, Ministry of Culture, Tourism, Hangzhou East Railway, National Immigration Administration, China Film Administration, HSBC, China Index Holdings, Shenzhen Component Locations: China, Hong Kong, Beijing, Hangzhou, China's Zhejiang province, Macao, Asia, Shanghai, Shenzhen

☆ China box office smashes summer records, Hollywood contributes little
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

So far, four films have surpassed the 2 billion yuan benchmark at the box office, another record for the summer film season, including suspense thriller "Lost in the Stars" and crime drama "No More Bets". According to the China Film Administration, this year's summer film revenue, which covers June to August, has surpassed the previous record of 17.78 billion yuan achieved in 2019. Margot Robbie-starrer "Barbie", which has performed well in global markets, brought in just 246 million yuan after almost a month on screen. Tom Cruise's "Mission: Impossible–Dead Reckoning Part One" made about 350 million yuan in more than a month of screening. ($1 = 7.2869 Chinese yuan renminbi)Reporting by Sophie Yu, Casey Hall; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Margot Robbie, Tom Cruise's, Sophie Yu, Casey Hall, Devika Organizations: China Film Administration, HK, Thomson Locations: BEIJING, China

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

HONG KONG — Marvel films are set to be released on screens in mainland China for the first time in more than three years, the endgame for an apparent ban in the world’s second-largest movie market. The China Film Administration, a division of the ruling Communist Party’s propaganda department that approves all foreign film releases, gave no official explanation for the blocking of those films. Marvel’s brief announcement did not mention the earlier films or say why “Black Panther” and “Ant-Man” were being released. Marvel fans in China welcomed news of the two new releases. Others lamented the films that had not made it to Chinese theaters.

☆ China continued to reject Marvel movies in 2022, and the country's box office plummeted 36%
▼ + stars: | 2023-01-03 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

China's box office dropped 36% in 2022 compared to the previous year. Chinese film officials also continued to reject many Hollywood releases, particularly Marvel movies. China's box office dropped 36% to $4.35 billion in 2022, according to Deadline, which cited figures that China's Film Administration released to state media. The 2022 North American box office rose to an estimated $7.5 billion, according to Comscore, a 64% increase from the previous year. To make matters worse for its box office, China also didn't have a local smash hit last year, like it did in 2021 with "The Battle at Lake Changjin."

☆ China's Golden Week spending plunges to seven-year low as zero-Covid batters economy
▼ + stars: | 2022-10-10 | by ( Laura He | ) edition.cnn.com time to read: +7 min

The National Day break is one of China’s longest public holidays and usually a peak season for travel and spending. But this year, people were deterred from traveling by a resurgence of the virus and stringent Covid restrictions. All the weak data point to the heavy damage of Beijing’s zero-Covid policy on consumer spending and the economy, said analysts. China’s service sector is a key source of employment, accounting for 48% of total jobs created, according to government data. “Entrepreneurs’ concerns continued to stem from recurring Covid outbreaks and the impact of related controls on the market,” Wang said.

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