Qingming Festival Set To Boost the Film and Tourism Sectors’ Revenues
As China lifts curbs on people’s movements after controlling the pandemic, Industry insiders expect at least 100-percent growth in the film and tourism sectors’ revenues during the upcoming holidays compared with last year, when those industries were near a standstill due to the coronavirus outbreak.
As they set to host this year’s Qingming Festival, it is expected that from the movie box office and tourism to the catering sector -the Chinese consumers would be releasing their pent-up purchasing power and boost revenue.
“This year’s Qingming festival will provide a turning point for China’s cinemas, which were battered by the pandemic,” Zhejiang province-based film director Xiang Kai told the Global Times on Monday.
He also stated that the box office revenue during this year’s Qingming Festival, which runs from April 3-5, will be 30 percent higher than in 2019, mainly driven by domestic films. According to Xiang, more than 10 new domestic films will be screened during the festival, many more than in 2019.
According to a report Ctrip.com sent to the Global Times, the number of Chinese tourists during the Qingming Festival will exceed 100 million, compared with 43.25 million in 2020 and 112 million in 2019.
Jia Jianqiang, CEO of 6renyou, an online tourism agency in Beijing, told the Global Times on Monday that bookings for the 2021 Qingming Festival and May Day holidays through his company are likely to exceed those of 2019 and maybe twice the level of 2020, partially thanks to China’s heightened efforts to inoculate its citizens.
This rebound is expected to drive retail consumption to surpass the 2019 level and lay the foundation for significant second-half GDP growth this year, analysts said.