The Golden Week: The Promise of Continued Economic Growth in China 2020

The Golden Week refers to three separate 7-8 day long national holidays that have occurred annually in China since 2000. The holidays usually occur around Chinese New Year in January or February, then May, then October and are intended to promote internal consumption. Citizens receive several days of paid holiday, where they can travel to visit family and friends, which results in a period of heightened travel activity and spending for the country. Although the pandemic has led to decreased income and therefore decreased spending for most residents, this year’s October festival saw an impressive rate of transactions, having been the first holiday post-pandemic stabilisation. The success may have been indicated by the triumph of China’s Celebrated 6.18 festival which reached historic results earlier this year, and the government estimates travellers generated around 466 billion yuan this October.

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