Shanghai National Day Holiday Consumption Hits 76.24B Yuan, Up 9.9%

The composition matters more than the headline: offline growth running roughly three times online growth suggests the holiday skewed toward in-person spending, a reversal of the pattern many consumer markets have shown in recent years. The monitored commercial districts outperforming the citywide average, with foot traffic up only modestly against much stronger spending, points to higher spend per visit rather than simply more visitors. Whether that offline momentum reflects a durable shift in consumer behavior or a holiday-specific rebound is the open question.