China’s consumer market roared to life during the 2025 Spring Festival, driven by nationwide policies aimed at unlocking spending potential. Authorities rolled out targeted vouchers for sectors like tourism, retail, and automotive goods, injecting fresh momentum into the Lunar New Year economy.
Data underscores consumption’s growing role: in 2024, it contributed 44.5% of China’s economic growth, surpassing both investment and net exports. The trend continues, with the Central Economic Work Conference prioritizing \"all-fronts expansion of domestic demand\" in 2025. Analysts emphasize that holiday spending—especially during the Spring Festival—acts as an economic accelerant. Festive retail sales account for 10% of annual totals, with fast-moving goods like liquor and electronics seeing 20% of yearly sales during this period.
This year’s results shattered records: online retail sales alone topped 700 billion yuan ($96 billion) during the holiday, highlighting robust consumer confidence. As provinces create immersive shopping experiences and tech-driven promotions, experts predict sustained growth in sectors like green tech and cultural tourism.
Reference(s):
Consumption market ushers in strong start to the Year of the Snake
cgtn.com
