This October 1st marked the 75th anniversary of the founding of the People's Republic of China, and the celebrations were nothing short of spectacular! The entire country was buzzing with excitement, as people embraced the festive vibes and dove headfirst into travel adventures and shopping sprees. 🎆
Thanks to some recent economic boosts from the government, everyone seemed ready to splash some cash and explore. Before the holiday kicked off, the central government rolled out policies like lowering mortgage rates on existing homes, reducing the reserve requirement ratio, and introducing new tools to keep the stock market steady. Talk about leveling up consumer confidence! 😎💪
For the first time ever, the government also emphasized stabilizing the real estate market and highlighting the value of household assets. This move gave people even more reasons to feel optimistic and ready to spend.
The policy promoting the swap of old consumer goods for shiny new ones is on fire! 🔥 Home appliance sales skyrocketed during the holiday. JD.com reported a whopping 67% increase in sales compared to last year, and Suning saw over 200% more foot traffic across its stores. Their old-for-new orders shot up by 132% year-on-year. Time to upgrade that old fridge, am I right? 🧊✨
But that's not all—the National Day holiday is always a prime time for travel, and this year smashed all the records! 🥇 Preliminary stats from the Ministry of Transport show that from October 1st to 7th, around 2 billion inter-regional trips were made. That's a 4.1% increase from last year! People were hitting the road, the rails, and the skies to explore new places and soak up the culture. 🚄🚌✈️
Whether it's shopping for the latest gadgets, exploring breathtaking destinations, or just soaking in the festive atmosphere, the Chinese mainland was alive with energy and enthusiasm. It looks like consumer confidence is back in a big way, and we can't wait to see what exciting trends emerge next! 🌟
Reference(s):
Strong consumption and travel enthusiasm during National Day holiday
cgtn.com
