Chinese New Year retail sales jump 15% as consumers splurge
BEIJING (AFP) - China on Saturday said retail sales jumped nearly 15 per cent year-on-year during the week-long Lunar New Year holiday, as consumers splurged on jewellery, clothes and food.
Chinese New Year marks the biggest festival of the year in China, as hundreds of millions of people journey across the country to celebrate the season with their families and consumer spending typically soars during the period.
China's commerce ministry said sales during the holiday period, which ran from February 9 to 15, rose 14.7 per cent compared with last year to 539 billion yuan (S$106.9 billion).
The pace of growth, however, did not match up to last year, when sales increased 16.2 per cent compared to 2011.