bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Sylvie Zhuang

Hotels and cinemas in China reported an uptick in revenue on the weekend as consumers bought into another “Chinese Valentine’s Day” phenomenon.
The unofficial celebration is marked each year on May 20, which in Mandarin sounds similar to “I love you”.
This year the day fell on a Saturday, offering businesses even more lucrative opportunities to capitalise on the post-pandemic recovery and a strong willingness among consumers to spend.
Despite the boost, observers still have doubts that consumption – which contributed 32.8 per cent to economic growth last year, down from 58.3 per cent in 2021 – can rally to help the economy to meet this year’s gross domestic product target of around 5 per cent.


Online travel platforms reported a surge in hotel bookings across the country.
As of Friday, advance hotel bookings for “520” this year increased fourfold compared with the same time in 2019, state broadcaster CCTV reported on Sunday.
Hotels offered Valentine’s Day-themed rooms, with packages that included wine and roses.
Market research firm iiMedia Research said that around one in five consumers it surveyed said they would spend May 20 in a hotel or guest house. The consumers in this category were less concerned about price and more interested in comfort, appearance and quality of service, the research firm said.
There was also a strong recovery at cinemas.
Meow money, more travel: what purchases are Chinese prioritising this year?
By Saturday evening, nationwide box office sales surpassed 300 million yuan (US$42.7 million), more than five times the spending last year.
The highest grossing movie on Saturday was Fast X, the tenth film in the American Fast & Furious franchise, according to Chinese movie ticketing app Maoyan.
iiMedia Research also said beauty products and jewellery were among the most sought-after gifts for the day.
The company said over 90 per cent of people it surveyed said they were willing to spend on the day regardless of their relationship status.


It said that despite instability in the gold price, jewellery purchases were rising and still among the top choices for couples, with many choosing the day to express their love, propose or get married.
Singles were also prepared to spend money on themselves or family and friends, iiMedia said.
Perfume sales were up 186 per cent and lipstick by 143 per cent from the same period last year on Douyin, the Chinese version of TikTok, according to Ebrun, an e-commerce information and research platform.
The week before May 20, orders on Douyin rose 1.4 times compared with the previous year, the platform said.
Many marriage registry offices were also opening on Saturday to cope with an expected influx of applicants, according to media reports.
People tend to be cautious in spending before their household balance sheet is repaired
Wang Yiming
But Wang Yiming, a central bank adviser, told a forum in Beijing on Saturday that a lack of demand remained the biggest problem for China’s economic recovery.
“People tend to be cautious in spending before their household balance sheet is repaired,” Wang said.
April retail sales rose 18.4 per cent from a year earlier, thanks to the low comparison base, according to the National Bureau of Statistics. Sales of consumer goods fell 8.8 per cent from March to 3.1 trillion yuan.


China’s GDP forecast cut as Trump trade worries take hold before new term

Trade war under Trump is the last thing China’s housing market needs

Support or regulate? Beijing seeks delicate balance towards its platform economy

Shanghai banks on top international artists to draw tourism spending

China's economic recovery

China’s hotels, cinemas feel the love on May 20 from post-pandemic consumers

May 20 is a popular day for people to express affection in China. Photo: EPA-EFE

As Beijing seeks to revive private sector, officials in one Chinese city urge ‘soft approach’ to minor offences

Tractors are assembled on a production line at a YTO factory in Luoyang last month. Photo: Getty Images

Officials from Luoyang (pictured), an industrial city in Henan province, say running a start-up is a “risky life-and-death matter” for entrepreneurs.

China’s use of Russian port to ship goods domestically is ‘symbolic’ of closer ties, but hurdles remain

Some analysts say the Port of Vladivostok’s infrastructure is poor enough that China will need to help support its development. Photo: AFP

Some analysts say the Port of Vladivostok’s infrastructure is poor enough that China will need to help support its development. Photo: Shutterstock

China’s yuan volatility prompts intervention warning to big banks: end the ‘big rises and falls’

A recent weakening of China’s yuan came as April economic data showed a broad slowing of economic activities. Photo: Shutterstock

A recent weakening of China’s yuan came as April economic data showed a broad slowing of economic activities. Photo: Reuters

China’s deluge of weak economic data prompts pointed calls by Premier Li Qiang on inspection tour

Premier Li Qiang visits Weichai Holding Group in Weifang, Shandong province, on Wednesday. Photo: Xinhua

Premier Li Qiang visits Haier Group in Qingdao, Shandong province, on Thursday. Photo: Xinhua

Chinese increasingly put health, family above professional success after pandemic, survey shows

In the firm’s survey of 5,000 residents from 13 Asian markets, China placed in the top three in terms of confidence in healthy longevity, and Asians in general are doing more to prioritise family and health. Photo: Reuters

In the firm’s survey of 5,000 residents from 13 Asian markets, China placed in the top three in terms of confidence in healthy longevity, and Asians in general are doing more to prioritise family and health. Photo: AFP

Economy

China Economy

News

China

Economic Indicators

Knowledge

China Macro Economy

Social Policy

Accommodation bookings and box office takings were up on ‘520’, a popular day for couples to ramp up the romance
But the economy is still struggling with a lack of consumer demand, according to a central bank adviser


Accommodation bookings and box office takings were up on ‘520’, a popular day for couples in China to ramp up the romance.


Consumers

China travel

Chinese tourists

China’s hotels, cinemas feel the love on May 20 from post-pandemic consumers

Accommodation bookings and box office takings were up on ‘520’, a popular day for couples to ramp up the romance But the economy is still struggling with a lack of consumer demand, according to a central bank adviser

Accommodation bookings and box office takings were up on ‘520’, a popular day for couples to ramp up the romance

But the economy is still struggling with a lack of consumer demand, according to a central bank adviser