China sees steady consumption growth during Golden Week

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Consumption maintained stable growth during China's week-long National Day holiday from October 1 to 7, with consumption upgrades still gaining momentum, the country's Ministry of Commerce (MOFCOM) said on Sunday.

The combined sales of the retail and catering industries across the country reached 1.4 trillion yuan (203 billion US dollars) over the week, with the daily average sales up 9.5 percent compared with the same period last year.

Consumption upgrades continue

During the golden week, sales boomed for organic food, clothing, jewelry, ultra high definition (UHD) televisions, smartphones, smart home products, green home materials, and automobiles.

Key business enterprises monitored by MOFCOM in provinces such as Shaanxi, Yunnan, Sichuan and Hubei have all reported a sales growth above 11 percent.

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As the golden week presents a rare opportunity for big family gatherings and is an optimal time for wedding ceremonies, the catering industry enjoyed good performance.

Major catering enterprises monitored by MOFCOM in Shaanxi, Jiangsu and Hubei Provinces all reported a sales growth of over 12 percent during the period.

Burgeoning new consumption models

Emerging consumption models such as online shopping and food ordering, customized travel, shared homestays and mobile payments flourished, said MOFCOM.

During the first six days of the holiday, the transaction volume of some e-commerce platforms increased by more than 20 percent year on year, and the number of orders some online catering platforms received climbed more than 50 percent year on year.

Orders for shared homestays received by some online rental platforms surged five-fold year on year, and some online travel service providers witnessed an increase of more than 50 percent in sales of customized trips.

Booming tourism

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Tourism continued to be a highlight of the Golden Week consumption. The country's scenic spots received 726 million visits from domestic travelers during the holiday, up 9.43 percent on an annual basis.

Tourism revenue generated over the period rose 9.04 percent to 599 billion yuan (86.81 billion US dollars), data from the Ministry of Culture and Tourism showed Sunday.

The booming tourism industry had ripples in the transport sectors. Over 110 million trips by plane were made, up 6.1 percent from a year ago.