China's economy is on shaky ground - but its movie industry is hitting historic box office records
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- China's economy hasn't seen the post-pandemic rebound as many expected, but its film industry is running strong.
- From June to September, Chinese consumers spent $3.2 billion at the box office, a record high for that stretch.
- Meanwhile, China's economy faces weak growth, a shaky property sector, and declining trade.
China's economy has yet to enjoy the post-pandemic rebound many had anticipated, but its movie industry has thrived nonetheless.
From June to September, Chinese consumers spent 23.44 billion yuan, or $3.2 billion, at the box office, a record high for that time of year, industry data from Dengta and Maoyan cited by CNN shows.
The new high was led by the historically hot months of June to August, when ticket sales hit $2.8 billion, beating out the previous record of $2.4 billion reached in 2019.
The CNN report highlighted that women comprised most of the 570 million movie-goers this summer in China, with 61% of attendees being women for the top five films. Roughly half the viewers were between ages 20 and 29.
While "Barbie" and "Oppenheimer" dominated US box offices, the most popular films in China were all locally made, including names like "No More Bets," "Lost in the Stars," and "Creation of the Gods I: Kingdom of Storms."
Meanwhile, broader economic problems are still unfolding. Beijing is trying to navigate an unstable property market, slowing growth, weak trade, and faltering consumer confidence.
Some experts have even warned that real estate woes could trigger a "Lehman moment," given the risks of major defaults and potential repercussions.
"The boom that characterized the property sector of the last decade is over," Alfredo Montufar-Helu, the head of the China Center at the Conference Board, told Insider in a recent interview. "China is at a crucial moment where they cannot stop supporting the supply side, because economic growth would decelerate, but at the same time they need reforms on the demand side. Hopefully the intentions alone can generate more confidence in the market."