China’s summer box office revenue has exceeded 10 billion yuan (approximately $1.4 billion) as of Saturday, according to data from the Chinese movie ticketing platform Beacon. This robust performance highlights a broader recovery in domestic consumption, driven by government initiatives and a diverse lineup of films.
The surge in box office earnings is a clear sign of renewed consumer confidence and spending. Experts attribute this growth to various factors, including the introduction of consumption vouchers, free tickets, and continuous improvements in public services and infrastructure. These factors are expected to sustain cultural and tourism consumption, acting as a significant driver for economic growth in the third quarter.
Several films have dominated the box office this summer, including the comedy “Successor,” the crime thriller “A Place Called Silence,” and the romance “Moments We Shared.” A total of 138 films have been released or are set to be released during the summer season, offering a wide range of themes and genres to appeal to diverse audiences.
Tourism has also experienced significant growth this summer. Activities such as night tours, cultural excursions, self-driving trips, and educational tours have gained popularity. Trip.com reported a more than 40 percent year-on-year surge in domestic car rentals and self-driving orders, with single-day orders reaching record highs, up 50 percent from the previous year. Average per capita spending on rentals increased by 20 percent.
Family-oriented travel has emerged as a major trend, with parent-child tourism accounting for nearly 40 percent of all trips in China. Educational tour bookings have also seen a remarkable 70 percent increase year-on-year.
Zhang Yi, CEO of iiMedia Research Institute, noted that the summer culture and tourism market has been marked by innovation and rising popularity, driven by strong demand, innovative supply, and supportive policies. Local governments are expected to organize over 37,000 cultural and tourism events this summer and distribute tourism-related consumption vouchers worth more than 400 million yuan.
Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, emphasized that the availability of personalized and diverse cultural products is boosting consumption across various sectors. He highlighted the potential for digital consumption scenarios to become more varied, with technologies like virtual reality and augmented reality enhancing consumer experiences.
On August 3, the State Council released guidelines to promote the high-quality development of service consumption, including cultural and tourism initiatives. The National Bureau of Statistics reported a 7.2 percent year-on-year increase in retail sales of services in the first seven months of the year, outpacing the growth rate of retail sales of goods by 4.1 percentage points.
Looking ahead, third-quarter retail sales are expected to maintain their upward trend, with consumption playing a crucial role in overall GDP growth for the year. Zhong Zhengsheng, chief economist at PingAn Securities, stressed that the resilience of economic growth in the latter half of the year will depend on consumer spending, calling for continued government support through tax reductions, increased personal incomes, and enhanced consumption infrastructure.
