China Spring Festival Holiday Retail Sales Spike 11.2%
- Retail, restaurant receipts hit 754 billion yuan in seven days
- Box office sales up 80% in first three days of Lunar New Year
This article is for subscribers only.
China’s retail sales over the Spring Festival holiday rose 11.2 percent from the same vacation period a year earlier, with cinemas posting sharp increases in box-office sales, the country’s Ministry of Commerce said in a statement Saturday.
Retail sales and restaurant receipts in the world’s second-largest economy totaled about 754 billion yuan ($115 billion) in the week-long holiday period that started Feb. 7, the eve of the Lunar New Year, according to the statement. This year’s growth was similar to the 11 percent increase posted in last year’s holiday period.