China’s National Day holiday retail sales growth slows slightly

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.