The Chinese New Year Festival

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The Chinese New Year Festival • • • The new year festival has to be one of the most important festivals on the Chinese calendar. Besides the beginning of a new year, the festival also marks the significance of culture and family to the Chinese people. The festival has a huge impact on the economy. Due to the importance that the Chinese place on family being together, those far from home travel by sea, land and air to get home for the holiday. Tourism, especially international tourism is at its peak during this period. Hospitality and accommodation industry feels the most impact of the festival. Analysis of the impact of the festival on the economy The chart below summarizes the journeys made since 2009 and the prediction for 2013. The transport industry is greatly affected by this festival. The festival’s effect is also felt in the general retail market in China. As illust ...
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