Chinese Spending Hit $180B During Golden Week
Charissa Echavez | | Oct 12, 2016 08:00 AM EDT |
(Photo : Getty Images) Chinese consumers splurged a whopping 1.2 trillion yuan ($180 billion) domestically during the country’s Golden Week.
Chinese consumers splurged a whopping 1.2 trillion yuan ($180 billion) domestically during the country's Golden Week, according to WWD, up 10.7 percent compared to that of in 2015 based on the Ministry of Commerce (MOC)'s data.
Enterprises in the retail and catering sectors were the top earners, according to the MOC data. In particular, the regions of Chongqing Municipality and Sichuan Province in West China and Hunan Province in central China were the top three places to experience the booming retail and catering business, China.org reported.
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Jewelry and gold, home appliances, IT products, and brand new energy cars were among the top picks during the week. The catering business was also in demand for the many wedding, birthday, and home reunion celebrations.
This year marks the second consecutive year the Golden Week hit the 1 trillion yuan spending milestone, the China.org reported.
Despite an estimated six million Chinese tourists traveled overseas during the week-long holiday, domestic spending was highly encouraged, the International Business Times noted.
Domestic spending has been Beijing's goal to stimulate the economy. Between January and June this year, China's economy jumped 6.7 percent.
"This economy this year, especially in the third quarter, is better than expected," Premier Le Keqiang said on Tuesday.
A joint report by the China Tourism Research Institute and Ctrip revealed that Chinese tourists spend as much as 8,000 yuan ($1,200) during the national holiday.
Overall, an estimated 593 million Chinese tourists visited tourists' attractions across China, according to the China National Tourism Administration. All in all, they spent a total of 482.2 billion during the holiday, up 12.8 percent year on year.
This year's Golden Week was celebrated between Oct. 1 and 7. The Golden Week is a national holiday in China that allows its citizens to take off seven consecutive days to spend time with their loved ones or travel, Reuters reported.
Tagsgolden week, china, Chinese Tourists, Chinese tourists spending, retail sector, catering business
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