China has experienced a significant surge in consumer spending during the Spring Festival holiday, signaling a strong start to 2024, according to the Ministry of Commerce.
He Yadong, spokesperson for the ministry, highlighted numerous bright spots in physical commodity consumption during the festive period. Retail enterprises monitored by the ministry reported substantial year-on-year increases: sales of gold, silver, and jewelry rose by 23.8%, sports and entertainment products climbed by 15.6%, and communication equipment sales grew by 10.4%.
The service sector also witnessed robust growth. Domestic tourists spent 632.69 billion yuan (approximately $89 billion), marking a 47.3% increase from the previous year. Additionally, the national box office reached a record-breaking 8.02 billion yuan during the holiday.
New consumption trends emerged as instant retail sales via e-commerce platforms monitored by the ministry jumped 32.2% year-on-year. Notably, sales of cycling and skiing equipment on some platforms surged by over 50% compared to the previous year.
Looking ahead, the Ministry of Commerce plans to organize a series of consumption promotion activities and fully implement measures to expand consumption. He Yadong expressed optimism, predicting that the consumer market will see steady growth in the first quarter.
The Spring Festival, also known as the Lunar New Year, is one of the most important traditional holidays in China, associated with family reunions, gift-giving, and festivities. This year’s spending patterns reflect not only the cultural significance of the holiday but also the resilience and potential of China’s consumer market.
Reference(s):
China sees booming consumption during Spring Festival holiday
cgtn.com
