- Wednesday, October 16, 2024
China's summer box office has surpassed a milestone, generating over 20 billion yuan ($2.76 billion) in sales. Despite the country grappling with consumers who are hesitant to spend, domestic movies have contributed significantly to this achievement.
According to official data released on Friday, Chinese moviegoers spent a total of CNY20.62 billion from June through August, marking a substantial increase from the CNY9.14 billion recorded during the same period last year, when strict Covid-19 restrictions were still in place. This successful summer season has overtaken the previous record set in 2019, which stood at CNY17.78 billion.
During this period, more than 500 million tickets were sold, accompanied by a record-breaking number of film screenings totaling 34.6 million. All six best-selling movies were domestically produced, asserting Chinese films' dominance over foreign releases like the Hollywood blockbuster "Barbie." Official data reveals that Chinese films accounted for 87.58% of the market share.
Within this record-breaking summer, four Chinese movies crossed the CNY2 billion threshold, further cementing their success. These films include crime dramas "Lost in the Stars" and "No More Bets," comedy "Never Say Never," and fantasy epic "Creation of the Gods I."
While the remarkable box-office figures paint a positive picture for the film industry, Chinese consumers have remained cautious in their spending habits. The anticipated "revenge spending" phenomenon in the aftermath of the pandemic has not materialized, underscoring the economic scars left by three years of restrictions. As a result, businesses, including China's e-commerce giants, have resorted to slashing prices and shifting their focus to selling affordable goods. Consequently, the country's inflation data remains subdued.
Despite implementing various policies to support China's economy, the government has refrained from following Western practices of providing direct cash handouts to households. This decision reflects both ideological skepticism towards "welfarism" and practical constraints, such as mounting government debts.
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