The consumption of major retailers and catering business reached 539 billion yuan during China’s Lunar New Year holiday starting from Lunar New Year’s eve until the 6th day of the Chinese New Year, according to information from Ministry of Commerce’s website.
The market consumption diversified during the New Year festival holiday. The traditional consumption of Chinese New Year goods accounted for a major share during the holiday. Sales of food and beverage increased 9 percent and 11 percent respectively.
Because of the proximity between Saint Valentine's Day and China’s lunar New Year holiday, gold, silver and jewelry industry has seen the consumption peak, with an increase of 38 percent compared with previous year.
From the view of consumption structure of catering business, sales of high-end hotel, high-grade ingredients and expensive drinks descended clearly. The sales of high-end hotel dropped 20 percent compared with last year. The main monitored catering business in Tianjin, Hubei, Shanghai and Henan increased 18 percent, 15 percent, 6 percent and 5 percent respectively during the Lunar New Year holiday.
Due to policies of supporting agriculture and benefiting farmers, farmer’s income and living standard are increasing. The consumption growth in rural market remains powerful. Sales volume of commercial enterprises in Tianjin’s Wuqing area increased twice compared with last year during the Lunar New Year festival. Sales volume of commercial enterprises in Beijing’s suburb areas like Shunyi or Huairou experienced a year-on-year increase of 17 percent.
During the Lunar New Year festival, prices of basic products remain stable throughout the country.
Edited and translated by Ma Xi, People's Daily Online
Read the Chinese version: 春节消费超5000亿元
Source: People's Daily
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