China’s National Day holiday retail sales growth slows slightly
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China’s retail sales rose at a double-digit pace during the week-long National Day holiday in October, data from the Ministry of Commerce showed, but growth slowed slightly compared with last year.
Sales of retailers and catering firms increased 10.7 percent to 1.2 trillion yuan ($180 billion) during the Oct. 1-7 “Golden Week” holiday, the ministry said in a statement posted on its website late Friday. Revenues grew 11 percent a year earlier.
In revenue terms, the holiday is more important for retailers than Chinese New Year as they vie for customers with promotions and discounts.
During the National Day holiday, millions take time off work to travel, get married, and generally spend more money than usual on consumer products such as household appliances, mobile phones, jewellery, clothing and cars.
Economists are closely watching China’s consumption data as the country’s leaders try to bolster the economy, which expanded at its slowest rate in a quarter of a century last year.
Questions & Answers
Q.What was the total value of retail sales during the National Day holiday?
What was the total value of retail sales during the National Day holiday?
Retailers and catering firms achieved sales of 1.2 trillion yuan, or $180 billion, during the week-long "Golden Week" holiday. This figure represents the total revenue generated across various consumer products and services.
Q.How did this year's National Day holiday sales growth compare to last year?
How did this year's National Day holiday sales growth compare to last year?
Sales growth during this year's National Day holiday was slightly slower than the previous year. This year saw a 10.7 percent increase, whereas revenues grew by 11 percent a year earlier.
Q.Why is the National Day holiday considered more significant for retailers than Chinese New Year?
Why is the National Day holiday considered more significant for retailers than Chinese New Year?
In terms of revenue, the National Day holiday is more important for retailers than Chinese New Year. Retailers actively compete for customers during this period with various promotions and discounts, leading to higher sales.