(MENAFN) According to CNBC, which cited data from Fitch Ratings, domestic tourism in China is poised to rebound after hitting an all-time low under severe Covid-related shutdowns.
Data showed a surge in holiday bookings after the country’s biggest lockdown in Shanghai was completed in late May. In July, the number of travelers increased by nearly 62% month-over-month. Data from online travel agencies revealed a 112% increase in bookings from July.
According to Fitch, the rise in bookings suggests tourism spending will start to pick up in the second half of the year.
Analysts based in China for the rating agency wrote: “Eased travel restrictions in China related to the Covid-19 pandemic and more targeted pandemic control measures have fueled an increase in tourism demand, despite ongoing scattered outbreaks.” They added that “a slow recovery in the tourism sector has dampened the economy given its significant contribution, accounting for around 11% of GDP and 10% of national employment in 2019.”
According to reports, the first half of 2022 saw an almost 50% decline in tourism-related revenue and visitors compared to the same period in 2019 before the pandemic hit.
Legal disclaimer: MENAFN provides the information “as is” without warranty of any kind. We assume no responsibility for the accuracy, content, images, videos, licensing, completeness, legality, or reliability of any information in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.