Reuters China's temple visits in 2023 more than quadrupled from the year before, and lottery ticket sales in April rose to their highest level in a decade.
In contrast, the youth unemployment rate hit a record 20,4% in April, and many indicators show that China's economic recovery has not been as expected after the authorities completely lifted restrictions due to COVID-4.
Against this backdrop, the stock prices of Buddhist sacred tour operators and lotteries in China jumped for the second time in a row on June 1.
For example, shares of Emei Shan Tourism Spiritual Mountain Tourism Company and Jiuhuashan sacred mountain scenic operator Anhui Jiuhuashan Tourism Development both rose 10%.
Emi and Jiuhuashan are two of China's most famous sacred Buddhist mountains, attracting millions of tourists every year.
Shares of the state-owned China Sports Industry Group, which lists the lottery business, also rose 10% for two consecutive sessions.
The data shows that visits to temples by Chinese in 2023 more than quadrupled from last year. Photo: REUTERS
“The stock rally reflects a major shift in the macro economy this year,” said Shi Pengfei, a consumer analyst at Spring Capital, based in Beijing. This change puts increasing pressure on youth employment.”
“I hope the youth unemployment rate will not soar anytime soon as graduation season approaches,” said Mr. Shi Pengfei. Meanwhile, with the upcoming summer vacation, I hope young people will have more time to travel."
Industry-specific gains contrast with moves in the overall market. China's main stock exchange has regained most of its gains since last November, but is down 11% so far in 1 due to an economic recovery that fell short of expectations and rising geopolitical tensions.
Many households in China are returning to safer assets so they are targeting bonds and deposits. They also look to largely state-owned sectors such as banks, energy and telecommunications companies, which offer as reliable dividends as bonds.
