The thing that collapsed around the May 1st period wasn't the box office, but the trust.
The movie box office during this year’s May Day holiday was disappointing; it’s no longer simply a matter of “which film failed to be a massive hit.”
If we only discuss the economic downturn, it can certainly explain some things. People are not as financially comfortable as they used to be, so spending money is more cautious—that is a reality. However, I feel that blaming all the problems on the economy is absolving the industry of its fault. It’s not that audiences suddenly stopped liking movies; rather, their patience has been depleted by round after round combination of high promotion/marketing efforts, strong screening slots, and weak content.