China witnessed a surge in consumption during the Spring Festival holiday, marking a good start to 2024, an official at the Ministry of Commerce said.
He Yadong, spokesperson for the ministry, said there were many positives in consuming physical products during the holiday. He cited figures from retail companies monitored by the ministry, with sales of gold, silver and jewelry rising 24%, sports and entertainment products rising 15% and communications equipment rising 10%.
Consumption in China’s service sectors saw robust growth during the period. Tourists spent 632 billion yuan ($89 billion), a year-on-year increase of 47 percent, and the domestic box office during the holiday hit a record 8 billion yuan, He said.
Retail sales through e-commerce platforms monitored by the ministry rose 32% year on year, and some of the platforms saw sales of cycling and skiing equipment increase by more than 50% year-on-year, he said.
The ministry will organize a series of consumption promotion activities and fully implement measures to expand consumption, he said, predicting that the consumer market will see steady growth in the first quarter.
Source: http://www.chinahoje.net/china-registra-consumo-em-alta-durante-feriado-da-festa-da-primavera/
