Domestic films are drawing huge crowds to air-conditioned theaters during one of the hottest summers on record.
China’s latest box-office numbers may be an indication of what consumers — who have snapped shut their wallets during a new era of weaker Chinese economic growth — are willing to spend on.
But China lost its fledgling crown in 2022, when the country went into draconian lockdowns, quashing even tiny virus outbreaks with citywide stay-at-home orders and requiring tedious health certificates to enter public places. Cinemas were closed or capacity-limited. Citizens, concerned about a crumbling housing market and uncertainty in the broader economy, have been hoarding cash in the event of unexpected turmoil. Retail sales — a gauge of consumer spending — which is reported monthly by the government, has come in below economists’ forecasts nearly every month this year.
A major factor of note is that Hollywood hits — long favorites of Chinese filmgoers — are being vastly overshadowed by domestic blockbusters. But the biggest explosion on the silver screen this summer has been “No More Bets,” which has made 3 million yuan in a mere two weeks. Chinese critics have said the success of the film — also poorly reviewed — is due largely to the leading role of Zhang Yixing, the only Chinese member of South Korean boy-band sensation Exo.
Another notable trend among this season’s film successes is that they have not been spectacles or superhero blockbusters. Even more remarkable, they have dominated Hollywood flicks that have reaped millions at home in the States.
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