Booming tourism indicates great consumption potential

The booming tourism industry this summer showcases the great consumption potential in China, Economic Daily reported on Friday.

The group and independent travel orders have increased over 10 times this summer, compared with the same period in 2020, according to data from Ctrip, an online travel booking platform.

Inter-provincial travel orders have risen 413 percent year-on-year on Ctrip and similar phenomenon appears in other travel booking platforms including Qunar and Tongcheng.

The trips this summer are expected to reach a record high if everything stays normal, said industry organizations.

In new development era, expanding consumption is not only an inevitable requirement to create a strong domestic market and give full play to China's advantages in a super-large market, but also of great significance to establish a dual-circulation development paradigm.

China has a population of more than 1.4 billion and the largest middle-income group in the world. Therefore it's understandable for the country to fully unleash the potential of consumption and bring consumption back to or close to its potential growth rate.

In the first half of this year, the overall momentum of consumption recovery kept strengthening, with final consumption spending contributing 61.7 percent to economic growth, 42.5 percentage points higher than total capital formation.

In terms of consumption growth, as confidence in the consumer market gradually recovers, the potential of consumption is expected to continue to be unleashed, and consumption's role in driving the economy will be further enhanced.