Record Box Office Revenue During Lunar New Year Holiday

BEIJING (Reuters) – China’s movie box office achieved record revenue during the Lunar New Year holiday, drawing in audiences with sequels to popular hits, despite sluggish economic growth in other spending areas.

Box office revenue for the four days of the week-long holiday starting Jan. 29 surpassed 5.74 billion yuan ($791.65 million), exceeding the previous record of 5.73 billion yuan in 2021, according to data from box office tracker Beacon.

This boom was partially fueled by government handouts as part of an economic stimulus package. Local governments in Beijing, Jiangsu, Hubei, Guangdong, and others issued cinema vouchers to support the economy, aiming for a 5% flat growth in the upcoming year.

Packed theatres in small towns, where ticket prices tend to be higher, reported sell-out screenings. One theatre in Hunan even started selling standing-room tickets due to high demand.

The sequel to the 2019 fantasy “Nezha” led ticket sales with over 2.3 billion yuan. This animated film portrays a divine child warrior from Chinese mythology who defends the innocent.

Second place went to “Detective Chinatown 1900,” the fourth installment in a comedy-mystery series, with 1.54 billion yuan in sales.

This year, China extended the annual holiday by one day to eight days to stimulate consumption as consumers remain cautious amid concerns over jobs and income, alongside a prolonged housing downturn.

Some younger Chinese have chosen to save rather than spend, ignoring officials’ calls to boost consumption and instead sharing tips for frugality.

The surge in movie ticket sales during the holiday reflects the success of government incentives in encouraging consumer spending. A trade-in program for older cars also boosted auto and electric vehicle sales, contributing to overall consumption growth by over 1 percentage point in 2024, according to official data.

($1 = 7.2507 Chinese yuan renminbi)