China's disappointing Golden Week holiday—the first after the end of COVID-zero—shows consumers are still holding back

A mainland Chinese tourist standing amid a crowd in the special administrative region of Macau.

This week, Chinese travelers are returning home from their "National Day Golden Week" vacations. The roughly week-long period, associated with China's national day on Oct. 1, is an important signal for Chinese consumer confidence, as millions of people travel domestically and overseas.

And yet this year's Golden Week—the first since China relaxed its strict COVID-19 controls last year—is proving to be a mild disappointment. Travel came in below official forecasts, showing that Chinese consumers aren't ready to fully start spending again amid a stumbling economy.