China’s consumer market is gearing up for steady growth in the first quarter of this year, according to a spokesperson from the Chinese Commerce Ministry on Thursday.
He Yongqian highlighted the market’s resilience and potential while responding to questions about consumption trends during the recent eight-day Spring Festival holiday, which ran from January 29 to February 4.
“This year’s Spring Festival showcased a vibrant festive atmosphere and robust consumer activity nationwide,” He noted.
Data from the ministry revealed that sales revenue of key retail and catering enterprises across the country rose by 4.1% year-on-year during the holiday period. Notably, sales of home appliances and communication devices surged by over 10%, while catering enterprises saw a 6.2% increase in revenue.
China also recorded 500 million passenger trips through domestic tourism, marking a 5.9% increase compared to the previous year. This translated to a total spending of 677 billion yuan (approximately $93.1 billion), up by 7%, He reported.
In addition, box office revenue during the holiday reached a record-breaking 9.51 billion yuan (about $1.31 billion), underscoring the booming entertainment sector.
He expressed optimism about the consumer market’s momentum, stating that these positive indicators point toward sustained growth in the coming months.
