BEIJING: Consumer spending during the Chinese Lunar New Year holiday surged noticeably, according to latest statistics from the Ministry of Commerce (MoCom).
The combined sales of major retail and catering enterprises in China rose 28.7 percent year on year to 821 billion yuan (about $127.5 billion) during the Spring Festival golden week, data from MoCom showed. China’s online sales exceeded 122 billion yuan during the same period, with online catering sales surging 135 percent compared with the Spring Festival holiday last year as more Chinese ordered ready-to-eat meals through e-commerce or online food delivery platforms. Sales of products related to Lunar New Year’s Eve dinners increased by 54.9 percent year on year during the holiday, said MoCom. The Spring Festival, or the Chinese Lunar New Year, is an important occasion for family reunions, which falls on February 12 this year, and many places across China have encouraged residents and migrant workers to stay put for the festival to reduce the flow of personnel and curb the spread of the COVID-19 pandemic. Consumption during the Spring Festival went up by nearly 30 percent as compared to the year-earlier period, leading up to an impression of consumption frenzy.
–The Daily Mail-CGTN News exchange item
