BoCom International publishes a weekly report on the consumer industry, as follows:
Domestic tourism: 308 million domestic tourists traveled nationwide during the Spring Festival holiday (January 21-27, 2023), an increase of 23.1% over the same period last year. Domestic tourism revenue reached 375.8 billion yuan, an increase of 30% over the same period last year.
Movie box office: the box office of the Spring Festival film in 2023 was 6.8 billion yuan, an increase of 11.9% over the same period last year, ranking second in Chinese film history (7.8 billion yuan in 2021). The number of moviegoers was 129 million, an increase of 13.2% over the same period last year.
Duty-free sales on Hainan outlying islands: during the Spring Festival holiday, the total sales of duty-free shops on outlying islands in Hainan Province were 2.572 billion yuan, with an average daily sales of more than 350 million yuan, an increase of 20.7 percent over the Spring Festival holiday in 2022 and 329 percent over 2019.
Catering: during the Spring Festival holiday, the operating income of the interviewed catering enterprises increased by 24.7% compared with the Spring Festival last year and 1.9% compared with the Spring Festival in 2019, while the number of passengers increased by 26% compared with the Spring Festival last year, which is basically the same as the Spring Festival in 2019.
Investment revelation: Chinese Spring Festival holiday data, including catering revenue (up 25% year-on-year), box office (+ 12%), domestic tourists (+ 23%) and income (+ 30%), duty-free shop sales (+ 21%) all rebounded strongly compared with the same period last year, making a good start to the year of the Rabbit. Consumer activity usually slows after the Spring Festival, which is 10 days earlier this year, which means that overall consumption data for the first quarter will eventually be discounted. But BoCom expects the second-quarter data to rebound strongly with the help of a low base. The bank expects retaliatory spending to continue to drive recovery in the consumer sector in the first half of the year, especially for restaurants and beer brands. BoCom is particularly optimistic about China Resources Beer, Tuobo, Jiumaojiu and Budweiser Brewing Company APAC Limited.