China sees consumption surge during Spring Festival holiday

Added On February 18, 2021

Official data showed that China's consumer spending during the Chinese lunar New Year holiday surged noticeably.

According to the Ministry of Commerce (MOC), the combined sales of retail and catering enterprises in China rose 28.7 percent year on year to 821 billion yuan (about 127.5 billion U.S. dollars) during the holiday.
The country's online sales exceeded 122 billion yuan during the same period, with online catering sales surging 135 percent year on year.
The Spring Festival box office on the Chinese mainland has notched up another 1.6 billion yuan, as it past 2019's record of 5.9 billion yuan on Monday.   
According to Chinese movie-ticketing platform Maoyan, the total receipts during the week-long holiday have reached 7.58 billion yuan by Wednesday.
Meanwhile, the courier sector has delivered 365 million parcels in the first five days of the week-long Spring Festival holiday, up by 224 percent over the same period last year.
The Spring Festival, or the Chinese Lunar New Year, which fell on Feb. 12 this year, is an important occasion for family reunions. This year, many places across China have encouraged residents and migrant workers to stay put for the festival to reduce the flow of personnel and curb the spread of the COVID-19 epidemic.