Holiday retail sales growth slows
Source: Agencies |
October 9, 2012, Tuesday
|
Print Edition
Print Edition
GROWTH in China's retail sales slowed during the Golden Week break, but demand was better than expected.
Overall retail sales expanded 15 percent during the National Day holiday, which coincided with the Mid-Autumn Festival to provide a rare eight-day break. That compared with a 17.5 percent increase last year during a seven-day holiday.
"On the bright side, the figures suggested that consumer sentiment on the mainland is still strong, and people are willing to spend despite the slowing economy," said Alex Fan, head of research at ICBC International.
"Everything you do during the holidays is beneficial, like shopping, traveling, as well as food and beverages."
Revenues in the retail and catering sectors totaled 800.6 billion yuan (US$127.4 billion), compared with 696.2 billion yuan a year earlier, the Ministry of Commerce said yesterday.
The market for daily necessities was stable, with prices for pork, beef and mutton down slightly, the ministry added.
Analysts said strong tourism data pointed to a shift in consumer spending toward leisure activities, helped by the country's move to waive toll fees for cars which saw millions of holiday makers take to the roads.
Overall retail sales expanded 15 percent during the National Day holiday, which coincided with the Mid-Autumn Festival to provide a rare eight-day break. That compared with a 17.5 percent increase last year during a seven-day holiday.
"On the bright side, the figures suggested that consumer sentiment on the mainland is still strong, and people are willing to spend despite the slowing economy," said Alex Fan, head of research at ICBC International.
"Everything you do during the holidays is beneficial, like shopping, traveling, as well as food and beverages."
Revenues in the retail and catering sectors totaled 800.6 billion yuan (US$127.4 billion), compared with 696.2 billion yuan a year earlier, the Ministry of Commerce said yesterday.
The market for daily necessities was stable, with prices for pork, beef and mutton down slightly, the ministry added.
Analysts said strong tourism data pointed to a shift in consumer spending toward leisure activities, helped by the country's move to waive toll fees for cars which saw millions of holiday makers take to the roads.
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