NEWS
CHINA'S CONSUMER SPENDING GREW 19% DURING MAY DAY HOLIDAY
By Tony Zhu
4-5-2023
Source: Xinhua News Agency
China's consumption registered robust growth during the five-day May Day holiday that ended yesterday, according to data released by the Ministry of Commerce (MOC).
Sales figures from key retail and catering enterprises nationwide monitored by MOC jumped by 18.9 percent year-on-year during the holiday, the ministry said.
Sales of alcohol and tobacco increased 15.1 percent compared to the same period last year, according to MOC.
Sales of other major consumer goods also saw double digit growth, among them sales of gold and silver jewelry surged by 22.8 percent, communication equipment rose by 20.1 percent, clothing up 18.4 percent and cosmetics increased by 16.5 percent.
The MOC said pedestrian traffic grew by 121.4 percent compared to last year, while overall turnover increased 87.6 percent.
In the meantime, China's leading liquor maker Kweichow Moutai posted a net profit of about RMB20.8 billion (USD3 billion) in the first quarter of 2023, up 20.59 percent on last year.
From January to March, its revenue climbed 20 percent on last year to approximately RMB 38.76b.
Distilled in the town of Maotai in China's Southwestern Guizhou province, Kweichow Moutai is the leading brand of China’s national drink baijiu.
This famed liquor is often used as presents and served at banquets in China, a robust performance of its maker is often seen as an indication that the Chinese consumers are happily spending.
(the writer can be contacted at: info@thewinechronicle.com)
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