China's consumer market is on the path to steady growth in the first quarter of this year, bringing good news for shoppers and businesses alike! 🎉
He Yongqian, a spokesperson at the Chinese Commerce Ministry, shared insights on Thursday about the consumption trends observed during the recent eight-day Spring Festival holiday from January 29 to February 4.
The Spring Festival was a bustling time with a vibrant festive atmosphere that boosted consumer activity across the nation. According to ministry data, key retail and catering enterprises saw a 4.1% year-on-year increase in sales revenue during the holiday period.
Home appliances and communication devices were big winners, with sales jumping over 10% compared to last year. Catering enterprises weren't far behind, experiencing a 6.2% rise in revenue. 🍱📱🏠
Domestic tourism also flourished, with 500 million passenger trips recorded—a 5.9% increase from the previous year. Travelers spent a total of 677 billion yuan ($93.1 billion), marking a 7% growth. 🧳✈️
The entertainment sector had its moment too, as box office revenue during the holiday hit a new record of 9.51 billion yuan ($1.31 billion). 🎬✨
These positive trends highlight China's resilient consumer market and its potential for continued growth in the upcoming months.
