Chinese tourists were thrifty spenders over the nation’s lengthy Lunar New Year holiday season even as overall trips were up, underscoring the difficulties the world’s second-largest economy faces in trying to revive confidence and shake off deflation.
Per-capita tourism revenue over the eight-day festival in China this year slumped 9.5% versus a similar timespan in 2019, according to estimates from economists at Nomura Holdings Inc. and Goldman Sachs Group Inc. The weakness comes despite official figures comparing those two periods showing a 19% uptick in domestic trips by tourists…
