October 1 marks the 75th anniversary of the founding of the People’s Republic of China, and the National Day holiday this year has seen an enthusiastic surge in both consumer spending and travel activities across the Chinese mainland.
Leading up to the holiday, a series of macroeconomic policies were introduced to invigorate the consumer market. These measures included lowering mortgage rates on existing homes, reducing the reserve requirement ratio, and implementing new tools to support the stable development of the stock market. Additionally, the central government emphasized the stabilization and recovery of the real estate market and the value of household fixed assets, significantly boosting consumer confidence.
The initiative to replace old consumer goods with new ones has gained substantial momentum, resulting in a notable increase in home appliance sales. JD.com reported a 67% year-on-year increase in home appliance sales, while Suning saw nationwide store traffic rise by over 200%. Orders for the old-for-new program also surged by 132% compared to the previous year.
Travel enthusiasts were not left behind, as the National Day holiday consistently serves as a peak travel season. Preliminary statistics from the Ministry of Transport indicate that from October 1 to 7, the total number of inter-regional trips is expected to reach approximately 2 billion, with a daily average year-on-year increase of 4.1%.
This vibrant combination of increased consumer spending and historic travel numbers highlights the robust economic activity and the optimistic outlook of residents during this significant national celebration.
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Strong consumption and travel enthusiasm during National Day holiday
cgtn.com
