China's National Day holiday, which began on October 1, has seen steady growth in consumer spending, according to data from the Ministry of Commerce. In the first three days of the holiday, foot traffic and revenue at 78 major shopping streets and commercial districts rose 3.4 percent and 5.3 percent year on year, respectively. This growth reflects the economy's underlying vitality, with consumer spending holding steady midway through the seven-day holiday.
The government's consumer goods trade-in program has been a significant driver of sales during the holiday. Over the first three days of the holiday, the program drove 19.63 billion yuan (about 2.91 billion U.S. dollars) in sales, benefiting 3.48 million consumers. The program has led to trade-ins of 46,000 vehicles, generating 7.45 billion yuan in new car sales, as well as 1.51 million home appliances worth 6.5 billion yuan and 1.71 million digital and smart devices worth 4.9 billion yuan.
The National Day holiday is one of China's peak periods for travel, tourism, and spending. Authorities had projected 2.13 billion cross-regional passenger trips in total over the seven days, averaging 300 million a day. Previous data have suggested demand remains strong, with railway passenger trips on October 1 alone reaching 25.2 million, a single-day record.
To meet surging demand, China has added train services on busy routes and waived highway tolls for private cars during the holiday. The Ministry of Culture and Tourism launched a month-long national tourism promotion campaign in late September, which includes over 20,000 events spanning scenic trips, autumn outings, red tourism, study tours, night activities, and local food.
Local governments are also hosting events and offering consumer vouchers and subsidies to boost diverse premium tourism offerings. Over 310 million yuan in consumer vouchers and subsidies will be handed out over the month to spur tourism consumption. This effort aims to promote tourism and drive economic growth during the holiday period.
China's island province Hainan is one of the popular destinations for holidaymakers, offering diverse tourism experiences. The province has been promoting its tourism industry, with a focus on providing high-quality services and experiences for visitors. This has contributed to the overall growth in consumer spending during the holiday.
The steady growth in China's holiday consumption market reflects the country's economic vitality and resilience. The government's efforts to promote tourism and consumer spending have been effective in driving growth, with the National Day holiday serving as a significant indicator of the country's economic performance.
Key points
- China's consumer spending sees steady growth during National Day holiday
- Government's consumer goods trade-in program drives sales
- Authorities project 2.13 billion cross-regional passenger trips over the seven-day holiday
