The vibrant celebrations of the Spring Festival have translated into a significant boost in consumer spending across China, marking a strong start to 2024.
He Yadong, spokesperson for the Ministry of Commerce, highlighted several bright spots in the consumption of physical goods during the holiday period. According to figures from retail enterprises monitored by the ministry, sales of gold, silver, and jewelry surged by 23.8 percent. Additionally, sports and entertainment products saw a 15.6 percent increase, while communication equipment sales rose by 10.4 percent.
Service sectors were equally impressive, with domestic tourism spending reaching 632.69 billion yuan (approximately $89 billion), a remarkable 47.3 percent year-on-year increase. The national box office also set a new record, grossing 8.02 billion yuan during the holiday season.
E-commerce platforms experienced a substantial uptick, with instant retail sales climbing by 32.2 percent compared to the previous year. Notably, sales of cycling and skiing equipment on some platforms skyrocketed by over 50 percent, reflecting a growing trend toward active and outdoor lifestyles.
Looking ahead, the ministry plans to organize a series of consumption promotion activities and implement measures to further expand the consumer market. He Yadong predicts that these efforts will contribute to steady growth in the first quarter of the year.
Reference(s):
China sees booming consumption during Spring Festival holiday
cgtn.com
