Golden Barometer
The National Day holiday becomes a yardstick of upgraded consumption
Liu Han used to carry delicacies to eat when she went home in the northwestern province of Qinghai during the National Day holiday week from October 1 to 7. But this year, she had a surprise for her parents. “I bought three electric toothbrushes costing around 600 yuan ($87) for them and myself,” the middle school teacher working in Beijing said. “They had never used such a gizmo before but soon found it useful.”
Like Liu, thousands have upgraded their lifestyles during the holiday known as the “Golden Week,” a peak period of consumption and traveling. In recent years, economic and social development has propelled Chinese consumer spending toward upmarket and improved demands and taste. In view of this, the holiday has become an important indicator of domestic consumption upgrade and economic potential.
Consumption upgrade lies in changes in consumption options triggered by altered markets and consumers’ purchasing power and concepts. The most notable phenomenon is the boom in online shopping and New Retail, which is data-driven and centers on consumer experience. “It can be hard to buy certain brands at local stores, but online shopping offers various choices and is so convenient,” Liu said. In addition, outbound tours and customized tour groups have also become increasingly common.
According to a report by All View Cloud (AVC), a Chinese big data service provider, the middle-income group in China today mainly constitutes of people born in the