China’s National Day Wrap-Up: Golden Week Brings Spending Boom
Sales of retail goods and dining in China during the week-long National Day holidays on October 1-7, 2019 saw stronger growth than last year, injecting positive momentum in a slowing economy.
- Overall revenue from retail and dining in China reached ¥1.5 trillion ($212.6 billion), up 8.5% year over year, according to the China’s Ministry of Commerce.
- Retail, catering and travel are the three driving forces that lifted domestic demand during the holidays.
- Movie theater box offices also saw robust growth, owing to movies paying tribute to China’s 70th anniversary of foundation.
- To encourage spending, some Chinese cities extended retail hours, encouraging businesses to operate during the night (often defined as the period between 6pm and 6am).