China
Holiday consumption boom in China, retail sales hit 220 bln yuan
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Source: CCTV.com | 02-26-2007 09:59
Special Report: 2007 Spring Festival |
The lunar New Year holiday saw a jump in China's domestic consumption. The national spending spree has boosted such retail sectors as catering, tourism, and home electronics.
The Spring Festival holiday is not just an occasion for family reunion, but a lucrative season for business.
Official statistics indicate that the retail sales of consumer goods reached some 220 billion yuan, or 28 billion US dollars, during the week-long holiday in 2007. That's an increase of 15 percent compared to last year.
The catering business in particular enjoyed tremendous growth, with more families choosing to dine out on New Year's eve. Retail sales in the sector surged 18 percent over those of last year.
