The insight: Spending during China’s Golden Week holiday fell below pre-pandemic levels, per Bloomberg, as consumers continue to exhibit caution despite new measures by Beijing aimed at restoring consumer confidence and spurring consumption.

By the numbers: Compared with 2019, both the total number of trips taken during the weeklong holiday and total spending by tourists were up, by 10.2% and 7.9% respectively, according to China’s Ministry of Culture and Tourism. But spending per trip was 2.1% lower than pre-pandemic levels—a reflection of the deflationary pressures facing China’s economy as consumers search for the lowest available prices.

That said, there were some positive signs.