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World News February 19, 2024

Spring Festival consumption boom: good start for Chinese economy in 2024

The Spring Festival in China has transformed into a crucial indicator of the country’s consumer market trends and economic transformation. Recent data reveals a robust start to the Spring Festival season, with a 36% year-on-year growth in daily consumption in the lifestyle service industry, marking a significant increase since 2019. Key commercial districts experienced a 73% increase in customer flow, indicating strong consumption demand. The Ministry of Commerce organized an online Spring Festival Shopping Festival, part of the 2024 “Consumer Promotion Year,” resulting in nearly 9% growth in online retail sales compared to the previous year, reaching almost 800 billion yuan ($111.2 billion).

Various regions seized opportunities for “Silk Road e-commerce,” promoting online sales of quality products from countries like ASEAN and Central Asia. The Spring Festival consumer market demonstrates a trend of consumption upgrading, with increased demand for high-end goods, organic food, and smart home products. Cultural and tourism consumption has also risen, with Meituan reporting a doubling of tourism orders during the holiday, and national box office revenue reaching a historical high. These trends reflect the evolving nature of China’s consumer market and its impact on the country’s economic growth, emphasizing the importance of driving domestic demand for stability and sustainability amid the complex global economy.

Source: CGTN

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