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China’s ‘Golden Week’ of shopping shows that consumers are confident about the future

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A link from Reuters

In good news for Chinese officials trying to shift the country’s economy to rely more on domestic consumption than exports, Chinese holiday goers showed a healthy appetite for spending during a national holiday at the beginning of October. Growth of retail sales during the eight-day break that combined National Day and the Chinese mid-autumn festival slowed slightly but was better than expected this year. Sales increased 15% compared to 17.5% last year’s seven-day holiday and revenues totaled ¥800.6 billion ($127.4 billion) compared to ¥696.2 billion last year. Known as Golden Week, the holiday is a closely watched period where millions of Chinese travel throughout the country and retailers offer discounts. “On the bright side, the figures suggested that consumer sentiment on the mainland is still strong and people are willing to spend despite the slowing economy,” said Alex Fan, head of research at ICBC International.

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