CCTV News:The Year of the Loong Spring Festival, China’s consumer market is hot. According to the business big data monitoring of the Ministry of Commerce, during the Spring Festival, the sales of key retail and catering enterprises nationwide increased by 8.5% year-on-year.
During the Spring Festival holiday this year, the consumption expansion and upgrading were obvious. According to the data released by the Ministry of Commerce, in terms of commodity consumption, the sales of green organic food, gold and silver jewelry increased by about 20% year-on-year; In terms of service consumption, catering consumption such as New Year’s Eve dinner and family banquet was strong, and the sales of catering enterprises monitored by business big data increased by about 17% year-on-year. Sales of dragon element ornaments, new Chinese clothing, shoes and hats doubled, and the national tide, national charm and domestic products shined brilliantly. In the county market, the sales of smart home products such as domestic floor washers and dishwashers increased by more than 60%. Ice and snow consumption and cultural and sports consumption are particularly hot.
In Sanya, Hainan, various scenic spots actively create new formats and new scenes, and new experiences such as 360-degree immersive performing arts, parent-child amusement, entertainment light show, and dome theater in the whole park bring about prosperous leisure consumption.
According to the monitoring of key e-commerce platforms by business big data, during the National Online New Year Festival in 2024, the national online retail sales reached 1,186.02 billion yuan, an increase of 9% over last year’s New Year Festival.
Chen Lifen, a researcher at the Market Economy Research Institute of the State Council Development Research Center, said that local governments have also actively introduced measures to promote consumption, created consumption scenes of old-fashioned culture, promoted the full release of online and offline consumption vitality, and also demonstrated the vitality, potential and resilience of China’s consumer economy, which will further enhance market confidence and strengthen expectations, thus pushing consumption from recovery to continuous expansion.
During the Spring Festival, online payment handled an average of 2.63 billion transactions per day, an increase of 18.6% year-on-year.
According to the data of the People’s Bank of China, the online payment transactions handled by Networked Clearing Company and China UnionPay continued to grow. From the New Year’s Eve to the eighth day of the Lunar New Year, the average daily transaction was 2.63 billion, amounting to 1.25 trillion yuan, which was 18.6% and 8.0% higher than last year’s Spring Festival holiday.
Hainan: The amount of duty-free shopping on outlying islands during the Spring Festival holiday was 2.489 billion yuan.
During the Spring Festival, the duty-free market in Hainan Island continued to be hot. According to the statistics of Haikou Customs, from February 10th to 17th, Haikou Customs supervised a total of 2.489 billion yuan of duty-free shopping on outlying islands, with 297,700 shoppers and a per capita consumption of 8,358 yuan.
On February 17, the reporter saw in a duty-free shopping city in Sanya that although it was the last day of the Spring Festival holiday, it was still crowded. In the perfume and cosmetics area, many people were waiting in long queues to check out. The reporter found that during the Spring Festival, the coupons issued by the government can be superimposed with promotions such as discounts and multiple points in duty-free shops. These preferential policies also played an important role in the sales of duty-free goods.
With the development of duty-free industry in Hainan, duty-free products have become a must-buy "Hainan specialty" for tourists coming to Hainan. Last year, the new delivery methods such as "immediate purchase and immediate delivery" and "immediate delivery with guarantee" also greatly enhanced the experience of duty-free shopping for tourists.
In addition, in order to effectively alleviate the stocking pressure brought to duty-free enterprises by the superposition of the Spring Festival holiday in Hainan’s winter tourist season, Haikou Customs arranged special personnel to work overtime during holidays and set up a fast track for goods to ensure that duty-free goods were put out of the warehouse in time.
Guangdong: Hong Kong and Macao tourists go north to celebrate the holidays and become new fashion cross-border vehicles, with a year-on-year increase of 246%.
This Lunar New Year holiday is the first Spring Festival holiday after the official implementation of the policy of "Hong Kong trains going north". From the first day to the eighth day, the inbound and outbound vehicles of Zhuhai Highway Port of Hong Kong-Zhuhai-Macao Bridge continued to rise. It has become a new fashion for Hong Kong and Macao residents to go north for the holidays.
According to the statistics of Gongbei Customs, from February 10th to February 17th, 126,000 vehicles entered and exited Zhuhai Highway Port via Hong Kong-Zhuhai-Macao Bridge, an increase of 246% compared with the same period of last year’s Spring Festival. Among them, there were 88,000 single-brand cars from Hong Kong and Macao, accounting for 70%. It has become a new fashion for Hong Kong and Macao residents to drive single-brand cars from Hong Kong to the north and from Australia to cross-border festivals in Guangdong.
In addition, during the Spring Festival holiday, Guangdong and Macao held a number of activities to attract tourists, and Gongbei Port also showed a two-way peak this year. This year’s Spring Festival, the "Dragon Horse Spirit" fireworks display, float display and star concert in Macao are intertwined with the Spring Festival cultural tourism performances launched in various districts of Zhuhai and the Spring Festival activities launched in various scenic spots, which not only attracts tourists from the province to start short trips, but also attracts tourists from other provinces in the mainland, greatly stimulating the cross-border tourism fever in Zhuhai and Macao to escalate again. According to the statistics of Gongbei Border Inspection Station, from February 10 to 17, the total number of people passing through Gongbei Port to and from Zhuhai and Macao reached more than 2.08 million, with a growth rate of over 60% compared with last year’s Spring Festival, with a maximum of more than 280,000 person-times in a single day.
Further stimulate China’s economic momentum.
The booming Spring Festival in the Year of the Loong reflects the potential of China’s super-large-scale domestic demand market, and further stimulates the positive momentum of China’s economy.
Zou Xianyu, deputy director of the Macroeconomic Research Office of the National Information Center, said that the popularity of the consumer market in the Spring Festival this year can obviously promote the promotion and innovation of consumer supply and push the supply and demand cycle of the whole society to a relatively higher level. This has actually laid a solid foundation for a good economic start in the first quarter of this year.
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