Shanghai’s retail sales post sharp moderation
Print Edition
Shanghai saw a sharp easing in the growth in retail sales during the Spring Festival weeklong holiday as consumers paid more attention to the real value of their spending.
Consumers in the city spent 4.68 billion yuan (US$760 million) from January 31 to February 6, which rose 5.5 percent from the Spring Festival break last year, the Shanghai Commission of Commerce said yesterday.
The growth rate slowed from the 10.2-percent rise in last year’s Spring Festival, and the increase of 9.8 percent during New Year’s Day last month.
The main reason cited for the moderation was that consumers spent less on extravagance, said Chen Yuxian, an official with the commission. But he added that bad weather conditions in the latter half of the holiday also dented the poor sales growth this year.
“People pay more attention to the real value of their spending, and prices of various celebrations became more affordable,” Chen said.
The sales of many premium products fell year on year during the holiday. Spending on high-end watches dropped 7.2 percent while expenditure on expensive healthcare products slipped 2.8 percent and jewelry consumption fell 2.5 percent, according to official data.
Meanwhile, more people ate in restaurants for the reunion dinner, or nianyefan, on the eve of the Lunar New Year. The number of people dining out jumped 72.2 percent although their total spending still dipped 0.2 percent because of lower prices.
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