Holiday Consumption: China sees more consumption in buying 'experience'
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Shops, restaurants and scenic spots across the country reported robust sales during the week-long holiday. CGTN's Omar Khan has the facts and figures.
Admiring Chinese calligraphy, riding carriages across fluffy snow, watching the sunrise on top of Mount Tai, and hosting traditional family gatherings. Spending big on experiences is defining what many Chinese are doing during this year's Spring Festival holiday.
CHEN HAN, SENIOR MANAGER BIG DATA DEPARTMENT, CHINA UNIONPAY "People tend to pay for experiencing culture, delicacies and scenery that represent a higher-level consumption demand."
And instead of buying gifts at the supermarket, more customers are looking to buy high-quality tech products.
YAO WEI, MANAGER ELECTRONIC STORE, SHENZHEN "Our products such as the noise-cancelling headphones and projectors with projection touch screen are becoming popular gifts for parents, relatives and friends as special purchases for the Spring Festival."
During the New Year holiday, Sales in the retail and catering sectors spiked to 146 billion US dollars, more than a ten percent increase when compared to last year. Consumption in culture and entertainment has also been strong. Tourism related profits came in at over 75 billion US dollars and the box office has soared to 700 million US dollars in merely one week. Rather than just being shoppers, Spending money on services and culture related products are emerging as new consumption drivers, this all points to one reality, the "Spring Festival economy" is getting even more diverse . Omar Khan, CGTN.