MOSCOW, Feb 19 – Project “Russia-China: Main”. The “Golden Week” of the New Year according to the lunar calendar – the Spring Festival – flew by quickly. According to the latest statistics, the consumption power during the holidays showed a remarkable result – more than 800 billion yuan.
During the holiday season, retail sales and catering companies in China reached 821 billion yuan, up 28.7% from last year, according to figures released by the Ministry of Commerce on February 17. This also marked the successful start of the recovery of the consumer market in the country.
It is worth noting a number of notable moments that have influenced this success. First, almost all sales platforms unanimously announced their motto: “We work as usual on holidays.” Both offline and online businesses have remained vibrant. In the first 6 days of the holiday, online retail sales in the country exceeded 120 billion yuan. The online catering business's sales turnover increased 135% year-over-year. The volume of orders for the New Year's table increased by 54.9% compared to the Golden Week of the previous Spring Festival. And the number of deliveries in the first 6 days of the Chunjie holiday holiday approached 480 million, which is 3 times more than last year. In addition, in 7 “golden days” cinemas met 160 million viewers, and with them record box office receipts – 8 billion yuan.
In order to prevent the spread of COVID-19 this year, several hundred million Chinese decided to celebrate the New Year at their workplaces, refusing to travel home.
In addition, this year's Spring Festival saw new changes in consumption. According to a report by Alibaba, people born in the 90s and 00s are more likely to buy branded goods and smart products as New Year gifts. Sales of high-tech products such as sweeping robots and window cleaning robots increased by 100% and 300% year on year, respectively, and scrubber sales increased 18 times.
In 2020, despite the impact of the COVID-19 epidemic, the share of Chinese spending on final consumption accounted for 54.3% of total GDP, which is the highest level in recent years. The thriving consumption during the 2021 Spring Festival once again testifies to the sheer size of China's consumer market, but also has great potential.
Morgan Stanley recently released a report predicting that Chinese consumption will grow by 7.9% CAGR over the next ten years, “the highest in the world.”
China's booming consumer market is good news for the global economy. As Chinese consumers seek to purchase higher quality goods, their demand for imported products is also growing. As for global enterprises, if they understand the Chinese market and the preferences of Chinese consumers, they will find that the Chinese market is a real global market with vitality and many opportunities.