China sees robust, upgraded holiday consumption
February 23,2018 By:chinadaily.com.cn
Feb.23,2018--A child plays at the Confucius Temple in Nanjing, East China's Jiangsu province, Feb 16, 2018. Parents brought their children here to celebrate the Chinese Lunar New Year. (Photo/Xinhua)
Feb.23,2018--Chinese consumers were less sensitive to prices and put increasing focus on services, experience and personalization when they traveled and did shopping during the weeklong Spring Festival holiday, according to a report by Economic Information Daily.
The upgrade of consumption in the country's tourism and consumer market is prominent, the report said.
The retail and catering sectors reported robust sales of 926 billion yuan ($146 billion) during the holiday, which ran from Feb 15 to 21, up 10.2 percent from last year's holiday according to the Ministry of Commerce.
While family reunions and returning home are the traditional subjects of the Spring Festival holiday, traveling has become an increasingly popular way for families to spend the holiday, which has contributed to the booming tourism market.
Data from the China National Tourism Administration showed tourists made 386 million trips during the holiday, a 12 percent year-on-year increase, and the tourism industry earned 475 billion yuan (about $75 billion) in revenue, up 12.6 percent from last year's holiday.