China's consumer market is on a promising path for steady growth in the first quarter of this year, according to a spokesperson from the Chinese Commerce Ministry.
He Yongqian shared these insights on Thursday, highlighting the resilience and potential of China's consumer landscape during the bustling eight-day Spring Festival holiday from January 29 to February 4.
Strong Festive Spending 🎉
This year's Spring Festival was marked by a vibrant festive atmosphere and impressive consumer activity across the nation. Key highlights include:
- Retail and Catering Boost: Sales revenue for major retail and catering enterprises saw a 4.1% year-on-year increase.
- Home Appliances & Gadgets: Sales of home appliances and communication devices surged by over 10% compared to last year.
- Catering Growth: Revenue from catering businesses rose by 6.2%.
Tourism and Entertainment Flourish 🚌🎬
Domestic tourism also saw significant growth with 500 million passenger trips, a 5.9% increase year-on-year, translating to a total spending of 677 billion yuan ($93.1 billion), up by seven percent.
Entertainment was another bright spot, as box office revenue during the holiday period reached 9.51 billion yuan ($1.31 billion), setting a new record.
These robust figures reflect China's ongoing consumer strength and its ability to drive economic growth through dynamic spending patterns.
Reference(s):
Official: China's consumer market on track for steady Q1 growth
cgtn.com
