National Day Market Highlights Witness the Potential of China's Consumer Market

This article is reprinted from [Xinhua News Agency];

Xinhua News Agency, Beijing, October 8th. Title : National Day Market Highlights Witness the Potential of China’s Consumer Market

Xinhua News Agency reporter

After queuing up to scan the code to show personal health information and automatically measure body temperature, Guangzhou citizen Zhang Wei’s family of three entered Grandview Plaza in the Tianhe Road business district in Guangzhou. Here, they can enjoy one-stop “eating, drinking, shopping and entertainment”.

Tianhe Road business district is a “super business district” composed of more than 20 large shopping malls, and it is also one of the largest high-end business districts in China. Zhang Wei said that during the holidays, the family can spend a whole day here.

The National Day holiday is a traditional peak consumption season in China. Before the holiday, the Ministry of Commerce and other departments launched policies to promote consumption in key areas such as new energy vehicles and green home appliances. On the basis of doing a good job in epidemic prevention and control, and in combination with local characteristics, various forms and colorful cultural tourism activities have been launched to welcome people’s enthusiasm for holiday consumption.

The effect of this series of policies has gradually become effective, further unleashing the potential of the market. According to the consumption data released by Meituan on the 6th for the “11th” Golden Week in 2022, from October 1st to 5th, the national local consumption accounted for 77.4%. An increase of 34%, a year-on-year increase of 52% over the 2019 “October” Golden Week.

The reporter learned from many shopping malls in the Tianhe Road business district that as of the 6th, the passenger flow has surged compared with usual. Large-scale catering, coffee and tea are in strong demand, and the sales of retail categories such as gold jewelry, high-end cosmetics, international watches and sporting goods have also increased significantly.

In Changsha, Hunan, night shopping has become a highlight of the holiday consumer market. Businesses in Changsha Jiefang West Road and Huangxing South Road Pedestrian Commercial Street have extended their business hours. In addition, discount promotions and other activities launched by major shopping malls have further stimulated consumers’ enthusiasm for consumption.

The 100 enterprises in department stores, supermarkets, specialty stores, catering and e-commerce that are monitored by the Beijing Municipal Bureau of Commerce achieved sales of 7.84 billion yuan during the National Day holiday, a year-on-year increase of 5.4%.

During the National Day holiday this year, surrounding tours and self-driving tours have become mainstream. The reporter learned from the cultural and tourism departments of Beijing, Hunan, Guangdong and other places that “leisure travel”, “micro-vacation” and “red tourism” featuring short-term and close distances are favored by tourists.

Ctrip released the “2022 National Day Holiday Tourism Summary Report” on the 7th, showing that on the 7th day of the National Day, the per capita consumption of surrounding tourists increased by 30% year-on-year, and the expenditure of surrounding hotels increased by 10%. From October 1st to 5th, the average daily order volume of high-end hotels on Meituan nearly doubled, and special room types such as parent-child rooms, hot spring rooms, audio-visual rooms, and sea-view rooms are very popular.

Shen Jiani, a senior researcher at Ctrip Research Institute, said that during the National Day holiday this year, tourists will focus more on the local area and surrounding areas, which will also tap the deep potential of the local surrounding tourism market.

Chen Tao, the head of Midway Culture Beijing Co., Ltd., which specializes in parent-child travel, said: “We have a very full schedule of National Day activities, and we have received thousands of families so far. In Beijing, there are many registrations for labor activities such as digging sweet potatoes, catching loach, and feeding cows. “

Some catering businesses have taken the opportunity to launch fast and fresh self-heating pots and prepackaged foods to facilitate consumers to carry and eat out.

Guan Yunqi, a staff member of the customer management department of Beijing Huatian Catering Holding Group Co., Ltd., said that the time-honored Huatian has launched 4 self-heating rice and 2 self-heating hot pots, and sales surged during the National Day.

Wang Zhaofeng, president of the Hunan Provincial Tourism Research Institute, said that various localities have taken multiple measures to stimulate people’s enthusiasm for consumption, effectively helping the consumer market to recover, and further highlighting the potential of China’s market and the advantages of consumer demand.

According to data from Suning.com, from October 1 to 4, offline high-end home appliance consumption increased significantly. In the first three days of the National Day holiday, the number of people who purchased store scenes and experienced new products nearly doubled year-on-year, of which over 50% were families entering the store in groups, driving the number of home appliance purchase orders over 30,000 yuan in stores to increase by 125% year-on-year.

Experts interviewed believe that this year’s National Day holiday consumption has shown dazzling features such as multiple measures to activate consumption potential, Internet celebrity cities leading the “night economy” consumption boom, young groups taking the role of mainstream consumption, and optimization of market consumption structure.

“The ‘fireworks’ in the city reflects the strong resilience and vitality of China’s economy.” Wang Zhaofeng said, driven by the traditional peak consumption season such as the National Day holiday, with the precise prevention and control of the epidemic and the effective coordination of economic and social development, as well as the policy mix to stabilize the market The measures are effective, and the Chinese consumer market will further accelerate the pace of recovery. (Reporters Zhang Yujie, Li Linhai, Xiong Jiayi, Luo Xin, Ye Ting, Sun Yi)