Chinese New Year holiday spending expected to grow by 10％

World
Europe

China has entered the holiday sales peak season, with rapid increases in consumption of clothing, tobacco, and food, said Wang Bingnan, Vice Minister of Ministry of Commerce on Thursday during a press conference.

"Last week alone, retail sales grew by 22 percent. Online retail sales are also climbing rapidly,” said Wang.

“We expect the national sales in retail and restaurants to reach over 900 billion yuan during the holiday. This will be a year-on-year growth rate of 10 percent.”

Shopping mall in Zhengzhou City, Henan Province. /VCG Photo

With holiday spending set to increase in both quality and quantity, the ministry said it will work to ensure key agricultural produce and meat are supplied at stable prices, as well as increasing the quality to better meet consumer demands. Wang said the ministry has also strengthened regulations to fight counterfeit products. Several large cities have also set up food reserves to cover emergencies.

Wang added that major e-commerce and food take-out platforms, namely Jingdong, Tmall, Suning, Baidu and Meituan will maintain their usual delivery services during the holiday.

According to data published by Chinese luxury online travel agency Tunui Corporation, the number of holiday bookings as of February 1 increased by 30 percent compared to last year.

With domestic income per capita growing at over seven percent in 2017, the number of travelers during Spring Festival is also expected to increase.

A cinema in Zhengzhou, the provincial seat of Henan. /VCG Photo

"According to our data, the number of domestic tourists is expected to reach 385 million over the holiday season, generating 476 billion yuan. That’s up by 12 percent and 12.5 percent year-on-year respectively," said Wang Xiaofeng, vice chairman of China National Tourism Administration (CNTA).

Warmer provinces like Hainan and Yunnan and snow-hit areas such as Harbin and Xinjiang remain some of the top destinations for holiday makers. Second- and third-tier cities are also preparing to receive a large influx of tourists seeking quality time with their loved ones.

Wang Xiaofeng also mentioned that based on survey conducted by the CNTA, more people prefer activities such as spending time at health spas while traveling, rather than sightseeing during this holiday season. Snow and island tours, shopping, attending temple fairs, fruit and vegetable picking, and food-tasting remain highly favored family activities.

Various exhibitions, performances and family events will be hosted across the country as well as overseas. According to the Ministry of Culture, currently more than 10 countries, both in North America and Southeast Asia, have included the Chinese New Year in their official holidays.