Revenge spending was fully implemented in China’s five-day “Golden Week” on May 1st. Domestic trips are expected to make 265 million trips in the reporting period, exceeding the 2019 level. In addition, several municipalities in China such as Shanghai have launched the “Double Five Shopping Festival” with over 1,900 events and brand partnerships that take place over two months in the areas of shopping, tourism and entertainment. In Beijing’s own Consumer Season 2021, the government distributed billions of yuan in various coupons to boost consumer spending offline and online. Several major e-commerce platforms such as Tencent, JD.com, Pinduoduo, and others also support the program with their own digital coupons.

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