Festive Fever: China's Spring Festival Boosts Consumption to New Heights
Hey amigos! 🎉 China's Spring Festival just wrapped up, and it was an absolute blast! The holiday has kick-started 2024 with a shopping frenzy that's got everyone talking. Let's dive into the deets!
According to He Yadong, spokesperson for China's Ministry of Commerce, the country saw a massive surge in spending over the holiday. Retail sectors were buzzing with energy, and there were some serious bright spots in physical goods:
- 💍 Gold, silver, and jewelry sales skyrocketed by 23.8%!
- 🎮 Sports and entertainment products jumped by 15.6%.
- 📱 Communication equipment sales climbed 10.4%.
But that's not all! The service sector was on fire too:
- 🧳 Domestic tourists splurged a whopping 632.69 billion yuan (about $89 billion), marking a 47.3% increase from last year.
- 🎬 The national box office smashed records, hitting 8.02 billion yuan over the holiday.
New consumption trends were unleashed as well. Instant retail sales via e-commerce platforms soared by 32.2% year-on-year. Some platforms reported that sales of cycling and skiing gear shot up by over 50%! 🚴♂️⛷️
And guess what? The Ministry of Commerce isn't stopping there. They're gearing up for more consumption promotion activities and implementing measures to keep the momentum going. He predicts the consumer market will see steady growth in the first quarter. Looks like 2024 is off to a thrilling start! 🚀
Reference(s):
China sees booming consumption during Spring Festival holiday
cgtn.com
