As China enters the Year of the Snake during the 2025 Spring Festival, the country is set to witness a remarkable surge in consumer activity. 🐍💸
To ignite this consumption boom, regions across China have rolled out a variety of policies aimed at unleashing the full potential of the market. These initiatives include consumption vouchers for sectors like culture and tourism, retail and dining, as well as automotive and home appliances. The goal? To supercharge the holiday economy and keep the momentum going all year long.
Consumption has swiftly become the primary driver of China's economic growth. In 2024, final consumption expenditure contributed a whopping 44.5% to the nation's economic growth, outpacing investment and net exports. The upcoming Central Economic Work Conference has emphasized the importance of vigorously boosting consumption and expanding domestic demand throughout 2025.
Holiday spending is a key component of this strategy. Typically, holiday consumption accounts for about 10% of the annual retail sales of consumer goods. However, during the 2024 Spring Festival, sales of fast-moving consumer goods soared, making up 20% of the annual total. 🎉🛒
Popular purchases during this festive season include automobiles, home appliances, and liquor. According to the Ministry of Commerce, national online retail sales during the 2025 Chinese New Year Shopping Festival surpassed 700 billion yuan ($96 billion).
This strong start is not just a one-time spike but a strategic move to stabilize and promote sustainable economic growth throughout the year. With these targeted policies and the enthusiastic participation of consumers, China's economy is poised for a vibrant and resilient year ahead. 🚀🌟
Reference(s):
Consumption market ushers in strong start to the Year of the Snake
cgtn.com
