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Spring Festival Holiday Sees Consumer Market Boom

Source: | 2024-02-20 14:59:59 | Author:


A photo taken on February 2 shows citizens watching the animation on the naked-eye 3D screen at Wangfujing Commercial Street in Beijing. (PHOTO: XINHUA)

By LIN Yuchen

The Chinese New Year holiday saw a surge in consumer spending across various sectors, indicating a robust economic momentum. Being a prime time for family gatherings and celebrations, the festival is a significant window for observing consumer trends.

From domestic travel to outbound and inbound tourism, and traditional cultural activities such as visiting markets and attending performances, the festive season created a vibrant atmosphere of cultural consumption. The sheer scale of China's population, coupled with the heightened demand for goods and services during the holiday, fueled the economy's upward trajectory.

Data from various platforms corroborate the fervent consumer sentiment during the eight-day holiday. Overseas spending through online payment platforms like Alipay surged by 140 percent, with Southeast Asia experiencing a staggering 580 percent increase, driven by favorable visa policies.

Similarly, travel bookings, both domestic and international, witnessed substantial growth compared to the same period in 2019. Chinese tourists' footprints spanned across 100 countries, with bookings covering over 1,700 cities, reflecting the widespread appeal of travel during the holiday.

The buoyant consumer market during the Spring Festival underscores the resilience and vitality of the Chinese economy. With a focus on stimulating consumption and fostering new drivers of growth, China aims to harness the full potential of its vast domestic market, injecting renewed vigor for the economy's sustained recovery.

As the year of the Chinese Long or Dragon unfolds, the resounding success of Spring Festival consumption not only embodies the warmth of traditional celebrations but also the robustness and potential of the Chinese economy. Looking ahead, concerted efforts to nurture consumption, innovate consumer scenarios, and unleash consumption potential will propel China towards a path of high-quality development and prosperity.

Editor: 林雨晨

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