Holiday spending reflects China’s consumer market recovery

0

People visit the Jiaxiu Pavilion in Guiyang, capital of southwest China’s Guizhou Province, Oct. 1, 2022. (Xinhua/Tao Liang)

BEIJING, Oct. 4 (Xinhua) — During China’s National Day holiday, both online and offline shopping surged in the country, driven by increased consumer enthusiasm and the implementation consumer-friendly policies.

During the seven-day Golden Week holiday, various consumer-friendly activities were launched nationwide to boost spending and support the recovery of China’s consumer market, said ministry spokesperson Shu Jueting. Chinese Trade.

Local governments have come up with diversified measures, including distributing consumer vouchers, enriching travel activities, and organizing consumer festivals to boost cultural and tourism consumption.

For example, the city of Fuzhou in southeast China’s Fujian Province plans to issue consumer vouchers worth 3 million yuan (about 423,000 US dollars) during the festivals to encourage spending, and Sichuan Province (southwest China) will organize more than 70 activities such as cultural and night tours to attract travelers.

“Local governments have taken strong measures this year, and these are accessible to a wider range of consumers,” said Chen Lifen, a researcher at the State Council Development Research Center, adding that such measures will further unleash consumption potential.

Travel fervor is high during the Golden Week holiday season. According to Lvmama, a national online travel agency, travel bookings during the seven-day holiday through their platform increased by more than 87% from September 11 to 20, compared to the previous 10 days.

Travel items have become increasingly popular on online delivery platforms, reflecting the holiday boom.

Data from Meituan, one of China’s online delivery platforms, showed that a week before the holiday, online searches for travel toothbrushes, travel coasters and shampoo packs from travel were up 1,037%, 368%, and 272%, respectively, from a week ago. .

With growing interest in outdoor recreation among Chinese people, sales of outdoor equipment have also risen sharply. Two weeks before the holiday, sales of outdoor photographic equipment, in particular, were up more than 300% from the previous two weeks, according to data from e-commerce giant JD.com.

Along with the recovery in the tourism sector, the country’s catering industry is also heating up, as catering businesses have boomed over the holidays.

Restaurant reservations during the National Day holiday via online platforms rose 87.6 percent from the same period last year, according to data from Meituan.

The data also revealed that in addition to large meals, consumers are more interested in snacks, beverages, pastries and other food items at smaller restaurants during the holidays.

Home appliance sales also soared during the holiday week, fueled by local government subsidies and generous discounts offered by e-commerce platforms.

According to data from online retailer Suning, on the first day of the National Day holiday, the flow of customers to its physical stores jumped more than 200% from the previous day, and the number of orders placed at its newly opened increased by 120% compared to the day before.

On the first day of the holiday, online sales of air purifiers, robot vacuums, dishwashers and other advanced home appliances jumped more than 100 percent from the previous day, the data showed.

China has rolled out a series of measures to promote consumption recovery, including boosting consumption in key areas such as automobiles, green and smart home appliances, and catering and accommodation, among others.

“The country’s consumer market will consolidate the recovery trend and continue to play a fundamental role in supporting the country’s economic growth as the consumer-friendly measures take effect,” said Guan Lixin, a researcher at Chinese Academy of International Trade and Economic Cooperation.

Share.

Comments are closed.