China's consumer market is set to continue its upward trajectory in the first quarter of this year, showcasing resilience and immense potential, according to a spokesperson from the Chinese Commerce Ministry.
He Yongqian highlighted the robust consumer activity during the recent eight-day Spring Festival holiday, which spanned from January 29 to February 4. \"This year's Spring Festival holiday saw a strong festive atmosphere and robust consumer activity nationwide,\" He stated.
Data from the ministry revealed a 4.1 percent year-on-year increase in sales revenue for key retail and catering enterprises during the holiday period. Notably, sales of home appliances and communication devices surged by over ten percent compared to the previous year. Catering enterprises also saw a significant revenue boost of 6.2 percent.
In addition to retail sales, domestic tourism played a crucial role in the economic growth. China recorded 500 million passenger trips through domestic tourism, marking a 5.9 percent increase year-on-year. Total spending from these trips reached 677 billion yuan ($93.1 billion), reflecting a seven percent rise.
The entertainment sector also contributed to the positive outlook, with box office revenue during the holiday period hitting 9.51 billion yuan ($1.31 billion), setting a new record.
These indicators suggest that China's consumer market remains resilient and continues to offer ample opportunities for growth and investment in the coming months.
Reference(s):
Official: China's consumer market on track for steady Q1 growth
cgtn.com
