China News Service, Beijing, March 18 (Reporter Wang Enbo) China's consumption continues to recover due to the holiday economy boost.
The National Bureau of Statistics of China announced on the 18th that from January to February, total retail sales of consumer goods increased by 5.5% year-on-year, and retail sales of services recorded double-digit growth.
Liu Aihua, spokesperson of the National Bureau of Statistics, pointed out on the same day that in the first two months of this year, especially during the Spring Festival, consumption of services such as dining out, visiting relatives and friends, traveling, culture and entertainment became more active, and China's service consumption continued to heat up.
From January to February, retail sales of services increased by 12.3% year-on-year, 7.7 percentage points faster than retail sales of goods.
Among them, the retail sales of transportation services increased by 31.4%, and the retail sales of cultural, sports and leisure services increased by 13.0%.
From January to February, national catering revenue increased by 12.5% year-on-year.
During the Spring Festival holiday, the number of commercial performances and box office revenue across the country increased by 52.1% and 80.1% respectively year-on-year, and the number of domestic trips and total travel expenses increased by 34.3% and 47.3% respectively.
At the same time, market sales continue to recover, and consumption of upgraded commodities and bulk commodities continues to expand.
From January to February, the retail sales of communication equipment and sports and entertainment supplies for units above designated size increased by 16.2% and 11.3% respectively year-on-year.
Retail sales of automobiles, household appliances and audio-visual equipment increased by 8.7% and 5.7% respectively.
Liu Aihua also mentioned that the rapid development of new retail such as instant retail and live streaming of goods, which can better meet the fast-paced and high-quality life needs of residents, has driven the rapid growth of online shopping.
From January to February, online retail sales of physical goods increased by 14.4% year-on-year, 6 percentage points faster than the previous year.
She said that there are many favorable conditions to support the stable growth of China's consumption in the future, and the positive changes in the consumption field are expected to continue.
However, the foundation for restoring and expanding consumption still needs to be consolidated, and residents’ spending power and confidence need to be further improved.
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