Significant economic growth in summer nights

2024-06-05

The recovery and development of the catering and accommodation industry during the holidays. The China Hotel Association randomly surveyed 100 catering and accommodation companies across the country, covering more than 20 provinces across the country. The data was compared with the same period in 2019. The recovery of accommodation consumption performed better than that of catering. As the Dragon Boat Festival is approaching the summer vacation this year, driven by groups such as parents and graduates, the summer tourism market has opened ahead of schedule, releasing the long-standing tourism consumption potential and contributing a considerable business growth to the accommodation industry.

However, the Dragon Boat Festival holiday, which catering companies place high hopes on, is not as popular as expected. 40% of the surveyed catering companies responded that the operating income during the Dragon Boat Festival holiday was the same as that of the same period in 2019; over 40% of the surveyed catering companies reported that their operating income during the Dragon Boat Festival holiday was lower than that of the same period in 2019, with an average decrease of 30%. Only 12% of the catering companies surveyed had a higher turnover than the same period in 2019, with an average growth rate of 25%.

Affected by the continuous high temperature weather in many places, during the Dragon Boat Festival, more consumers choose to go out at night to experience the holiday life, and the enthusiasm for night consumption continues to rise. Data from Meituan and Dianping show that in the two days before the Dragon Boat Festival holiday, nighttime consumption increased by 95% year-on-year, outperforming the overall consumption market during this year's holiday.

In the Dragon Boat Festival consumption inventory released by the Beijing Municipal Bureau of Commerce, UnionPay data shows that during the Dragon Boat Festival holiday, the consumption of physical goods at night increased by 44% year-on-year, of which the consumption of food and beverages at night increased by 65.9% year-on-year; the consumption of night services increased by 32.3% year-on-year.

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