BEIJING (Reuters) – China’s movie box office took in record revenue during the Lunar New Year holiday, as sequels to popular Chinese hits drew theatregoers at a time when other types of spending have suffered during a period of relatively sluggish economic growth.
Box office revenue for the four days of the week-long holiday starting Jan. 29 topped 5.74 billion yuan ($791.65 million), exceeding the previous high of 5.73 billion yuan in 2021, showed data from box office tracker Beacon.
Part of the boom was driven by government handouts as part of an economic stimulus package.
Local governments in Beijing, Jiangsu, Hubei, Guangdong and elsewhere issued cinema vouchers as part of a campaign to keep the economy on track for flat growth of 5% in the year ahead.
Packed theatres in small towns, where tickets are often more expensive, reported sell-out screenings. One theatre in Hunan began selling standing-room tickets in response to demand, a local publication reported.
The sequel to the 2019 fantasy “Nezha” led the pack with over 2.3 billion yuan in ticket sales over the four days. The animated movie depicts a divine child warrior from Chinese mythology who protects the innocent.
“Detective Chinatown 1900”, the fourth instalment in a comedy-mystery series, held second spot with 1.54 billion yuan.
China extended the annual holiday by one day this year to eight days in a bid to boost consumption at a time when consumers have been pulling back in the face of insecurity over jobs and income and the drag of a prolonged housing downturn.
Some younger Chinese have shunned officials’ calls to spend by doubling down on saving and swapping tips on how to spend less and save more.
The jump in movie ticket sales over the holiday highlights how the government has been getting consumers to spend through subsidies.
A trade-in program targeting older cars boosted auto and electric vehicle sales last year and lifted overall consumption growth by more than 1 percentage point in 2024, official data showed.
($1 = 7.2507 Chinese yuan renminbi)
(Reporting by Qiaoyi Li and Kevin Krolicki; Editing by Christopher Cushing)
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