Golden Week
Very preliminary data on China’s Golden Week indicates that total holiday spending (includes travel, food, accommodations, and retail), according to the Chinese Ministry of Culture & Tourism was $113.6b US, up 7.6%. However retail spending was up only 2.7% y/y and the 2025 year holiday was a day longer than last year, so an absolute comparison has not been made. Spending per tourist was down again (3rd year) to a 3-year low, and the expected return to growth for the Chinese CE space did not happen, despite the remaining subsidies. There were some segments in CE that did see growth, particularly ‘smart home’ devices (up 14.3%) and AI integrated devices but based on the very optimistic expectations for CE (shown below) retail performance was poor. We note that expectations for Golden Week are almost always very optimistic, so while we show those collected from various publications, we suggest investors use them with a large grain of salt when comparing to this year’s performance.
- AI-Integrated Devices >50% y/y
- Gaming Consoles & AR/VR >30%
- Smart Home >40%
- Wearables & Health >25%
- Sustainable Tech >60%
- Non-AI Smartphones & Laptops ↓5%
- Basic (non-smart) Appliances ↔
- Legacy Audio/Video ↓ Slightly,
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