China retail sales growth slows, but consumers still confident
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A man looks at a mobile phone as he shops at a local electronic store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
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A woman looks at her mobile phone as she walks in front of a local electronics store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
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Drivers wait outside their cars during a traffic jam at an entrance of an expressway in Beijing on Oct 3, 2012. The Golden Week holiday, when millions of people take time out to travel and spend more than usual, brings huge discounts and promotions as retailers battle for market share. -- PHOTO: REUTERS
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A policeman directs traffic in front of a toll gate in Dalian on Sept 30, 2012. The Golden Week holiday, when millions of people take time out to travel and spend more than usual, brings huge discounts and promotions as retailers battle for market share. -- PHOTO: REUTERS
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A man carries a box after shopping at a local electronic store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
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A woman looks at products as she shops at a local electronic store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
A man looks at a mobile phone as he shops at a local electronic store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
A woman looks at her mobile phone as she walks in front of a local electronics store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
Drivers wait outside their cars during a traffic jam at an entrance of an expressway in Beijing on Oct 3, 2012. The Golden Week holiday, when millions of people take time out to travel and spend more than usual, brings huge discounts and promotions as retailers battle for market share. -- PHOTO: REUTERS
A policeman directs traffic in front of a toll gate in Dalian on Sept 30, 2012. The Golden Week holiday, when millions of people take time out to travel and spend more than usual, brings huge discounts and promotions as retailers battle for market share. -- PHOTO: REUTERS
A man carries a box after shopping at a local electronic store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
A woman looks at products as she shops at a local electronic store in downtown Shanghai on Oct 8, 2012. China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy. -- PHOTO: REUTERS
HONG KONG (REUTERS) - China's retail sales growth slowed during the Golden Week break, but demand was better than expected, and a raft of other data helped provide a snapshot of increasingly important sources of demand in the world's second-largest economy.
The National Day holiday at the start of October, when millions of people travel and spend more than usual, brings huge discounts and promotions as retailers battle for market share.
Overall retail sales grew 15 per cent during the holiday, which coincided with the Mid-Autumn festival to provide a rare eight-day break. That compared with 17.5 per cent growth last year during a seven-day holiday.
"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 Mr Alex Fan, head of research at ICBC International, the wholly-owned HK subsidiary of the Industrial and Commercial Bank of China.
