Mainland Lunar New Year spending up 15 per cent

Businesses ring up healthy sales, but growth is slightly slower than in previous two years as austerity measures targeting officials hit home

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Customers scrutinise gold jewellery at a store in Xuchang, Henan province. Jewellery sales across the mainland surged 38 per cent during the Lunar New Year 'golden week'. Photo: Reuters

Published: 12:00am, 17 Feb 2013Updated: 7:19pm, 6 Jun 2019

The Lunar New Year holiday has again proved a boon for shops and restaurants, which saw business rise 15 per cent on last year.

Ministry of Commerce figures show spending of 539 billion yuan (HK$665 billion) for the holiday period. Sales of groceries were up nearly 10 per cent, jewellery sales rose 38 per cent and garment sales rose more than 6 per cent, the ministry said.

The Lunar New Year "golden week" is the busiest buying season of the year, when shoppers splash out on everything from beauty products to lavish family dinners.

But this year's overall growth slowed from a 16 per cent increase last year and a 19 per cent gain in 2011. Meanwhile Xinhua said the national anti-extravagance campaign dampened sales at high-end restaurants.

The ministry said the catering business was seeing a trend towards more modest dining, with spending dropping at high-end hotels, restaurants and wine shops.

Bookings at top-class hotels in Zhejiang province dropped more than 20 per cent, but restaurants catering to more mass-market customers saw strong growth in regions including Shanghai, Tianjin , Hubei and Henan .

Mainland Lunar New Year spending up 15 per cent

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Businesses ring up healthy sales, but growth is slightly slower than in previous two years as austerity measures targeting officials hit home

Businesses ring up healthy sales, but growth is slightly slower than in previous two years as austerity measures targeting officials hit home