Chinese consumers opened their wallet during Spring Festival, not only on things like digital home appliances and importe
d fresh food but also on experiences such as travel and entertainment, government figures showed.
Shopping, dining out, travel and entertainment accounted for most of the consumer spending during the week-long hol
iday. Analysts and officials said the strong domestic demand will inject further growth momentum into the eco
nomy in 2019 as the government unveils more policies to spur consumption.
Spending on retail and food services during the Spring Festival period, from Feb 4 to Sunday this year, exceeded 1 trilli
on yuan ($147.41 billion) for the first time, up 8.5 percent year-on-year, according to the Ministry of Commerce.
The ministry said a key term for Lunar New Year holiday spending was “seeking higher quality” as the government’s em
phasis on upgrading consumption continues. Emerging areas for spending such as the internet, customized pr
oducts, experiences, digital products and services were growth areas during the holiday.