SHANGHAI-Retail sales in China over the week-long Chinese New Year holiday rose 11.2 percent to 754 billion yuan (or $115 billion at current exchange) over the holiday period a year before.
This pace of year-on-year growth is similar to last year, when the holiday period saw mainland retail sales grow 11 percent to 678 billion yuan, or $104 billion at current exchange, on 2014 figures.
The data, released by China’s Ministry of Commerce over the weekend, showed particular growth among “emerging consumers”, or those spending outside China’s major cities.
Provinces such as Yunnan, Jiangxi, Guangxi saw particular growth and gold and silver jewelry also proved popular with consumers.
Gold and silver jewelry proved popular with consumers – particularly pieces featuring monkeys, the Chinese zodiac animal for the year ahead.
The news comes on the back of months of negative economic data, which had led many China-watchers to expect a quieter than usual holiday period for retail sales.
This year, China’s New Year, or Spring Festival as it’s known locally, saw the world’s most populous country off work from Feb. 7 to 13. The period is traditionally strong for retailers as special promotions are held and holidaying consumers spend more on eating out, leisure activities and shopping.