During the 2025 Spring Festival of the Year of the Snake, regions across the Chinese mainland launched a host of policies to unleash consumption potential. They issued consumption vouchers for fields such as culture and tourism, retail and dining, and automotive and home appliances to further stimulate holiday economy vitality.
Consumption has become the primary driver of the Chinese mainland's economic growth, and boosting consumption is key to stabilizing growth. In 2024, final consumption expenditure contributed 44.5% to economic growth, far exceeding the contributions of investment (25.2%) and net exports (30.3%). The Central Economic Work Conference urged efforts to vigorously boost consumption and expand domestic demand on all fronts in 2025. Therefore, vigorously boosting consumption, creating more consumption scenarios, and fully tapping into residents' consumption potential are vital means to promote economic development and stabilize growth.
Holiday consumption is imperative, and strong consumption during the Spring Festival helps boost consumption throughout the year. Holiday consumption typically accounts for about 10% of the total retail sales of consumer goods throughout the year. Research shows that sales of fast-moving consumer goods during the 2024 Spring Festival comprised 20% of the annual total. Products like automobiles, home appliances, and liquor are mostly purchased during the Spring Festival. According to the Ministry of Commerce, national online retail sales during the 2025 Chinese New Year Shopping Festival surpassed 700 billion yuan ($96 billion).
Reference(s):
Consumption market ushers in strong start to the Year of the Snake
cgtn.com
