China’s Golden Week 2025 Shows Real Resilience

China recorded 888 million trips over the Golden Week holiday, up 1.8% year over year, with total tourism revenue reaching $113.63 billion, a 7.6% increase. These are record highs for both metrics. Platforms like Alibaba’s Fliggy also hit new user records as more Chinese consumers traveled domestically and abroad.

Despite that, a lot of coverage around Golden Week was negative and focused on the decline in average spend per traveler. But we think the bigger picture is encouraging.

Spending patterns continue to evolve—with more value-conscious choices and a shift toward local experiences. But ultimately, more consumers are traveling. That’s positive.

Every major travel and shopping festival this year, from Chinese New Year to 618, from Dragon Boat Festival to the just-passed Golden Week, has set new spending records. That consistency is a sign of a resilient consumer.

Even if we’re not seeing the explosive growth of the pre-Covid era, China’s consumer remains one of steady, long-term growth.

And that’s why we’re projecting solid growth for this year’s Singles’ Day shopping festival—which Tmall is set to kickoff later this week.