China’s Lunar New Year spending spree offers hope for consumption boost
China's domestic consumption showed robust growth during the Lunar New Year holiday, offering positive signs for its economy amid challenging export conditions. Official statistics revealed a 10.8% increase in average daily sales revenue for consumer-related industries during the eight-day holiday, with spending on goods and services rising by 9.9% and 12.3% year-on-year, respectively. This surge in consumption is partly attributed to a nationwide trade-in policy encouraging the purchase of new equipment and consumer goods.
The strong holiday spending is a relief for an economy that had seen consumers pulling back due to declining asset values and sluggish property and stock markets. Last year, retail sales rose just 3.5% compared to the 8-9% growth seen pre-pandemic. However, this year's holiday period saw tourism revenue climb by 7% to a record US$94.2 billion, and domestic trips increased by 5.9% to 501 million, marking all-time highs. These figures suggest a renewed consumer confidence spurred by government policies and extended holiday travel opportunities.
via SCMP Full Text Feed
China's domestic consumption showed robust growth during the Lunar New Year holiday, offering positive signs for its economy amid challenging export conditions. Official statistics revealed a 10.8% increase in average daily sales revenue for consumer-related industries during the eight-day holiday, with spending on goods and services rising by 9.9% and 12.3% year-on-year, respectively. This surge in consumption is partly attributed to a nationwide trade-in policy encouraging the purchase of new equipment and consumer goods.
The strong holiday spending is a relief for an economy that had seen consumers pulling back due to declining asset values and sluggish property and stock markets. Last year, retail sales rose just 3.5% compared to the 8-9% growth seen pre-pandemic. However, this year's holiday period saw tourism revenue climb by 7% to a record US$94.2 billion, and domestic trips increased by 5.9% to 501 million, marking all-time highs. These figures suggest a renewed consumer confidence spurred by government policies and extended holiday travel opportunities.
via SCMP Full Text Feed
