China’s consumer market experienced a significant boost during the Spring Festival holiday, with robust growth recorded across retail, tourism, and cultural services, according to the latest data from the State Taxation Administration (STA).
Spanning from January 28 to February 6, the holiday period saw overall sales revenue in consumer-related industries rise by 10.8% year-on-year, fueled by strong demand for both goods and services. Commodity consumption increased by 9.9%, while service-related spending saw an even stronger surge of 12.3%.
Household Upgrades Drive Retail Growth
Government-led initiatives promoting large-scale equipment upgrades and trade-ins for consumer goods played a key role in boosting sales, particularly in household goods and appliances. Sales of household appliances and audio-visual equipment skyrocketed by 166.4% compared to the previous year, with televisions leading the trend, posting a staggering 226.8% increase.
The telecommunications sector also enjoyed remarkable growth, thanks to subsidies on smartphones, smartwatches, and other digital products. Sales of mobile phones and smart technology devices soared by 181.9% year-on-year, highlighting the shift towards high-tech consumer spending.
Tourism and Cultural Experiences See Record Growth
China’s tourism sector emerged as another standout performer, with revenues climbing 37.5% compared to last year. Traditional cultural activities and emerging leisure trends contributed to a record-setting season for the industry. Sightseeing services saw an 81.9% increase in revenue, while park-related services and amusement parks recorded year-on-year growth of 59.5% and 14.1%, respectively. The homestay industry also thrived, with accommodation revenue rising by 12.6%.
Outlook: Continued Momentum for Consumer Spending
Liu Dian, an associate researcher at Fudan University’s China Institute, noted that the Spring Festival serves as a crucial indicator of broader consumer trends. “With consumption upgrading, spending is shifting beyond traditional necessities towards more personalized, high-quality, and experiential choices,” Liu explained.
Looking ahead, experts predict that China’s consumer market will maintain its strong momentum, supported by government policies aimed at expanding domestic demand. “China has placed domestic consumption at the center of its economic strategy, with continued policy support expected to sustain growth in the coming months,” Liu added.
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