Economics
China's Holiday Spending Slows, Underlining Tough Start to 2019
- Shoppers spent $149 billion at restaurants, malls and online
- Sales growth of 8.5% was the slowest increase since 2011
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The downward pressure on China’s consumption persisted over the Lunar New Year holiday, the annual festival when people travel, shop, and give gifts or money.
People in China spent 1.01 trillion yuan ($149 billion) at restaurants, shopping malls and online outlets over the the week-long holiday, according to the Ministry of Commerce. That was 8.5 percent higher than during last year’s festive period, but the slowest increase since at least 2011.