New models boost holiday spending

New and growing spending models, such as mobile payment and online shopping, and emerging ways to travel, such as tailored tours, have helped bolster domestic consumption, pushing retail and food service sales to 1.4 trillion yuan ($202 billion) during the past weeklong National Day holiday, the Ministry of Commerce said in a statement on Sunday.

Analysts said the changes in spending and travel show that the country’s updated consumption structure will help boost overall national economic growth.

The average daily retail and catering sales were up by 9.5 percent year-on-year during that period, according to the ministry.

Sales of products that reflect an updated consumption structure, such as organic food, smartphones and smart home furnishings and vehicles, have registered fast growth, the statement added.

Sales of some ultra highdefinition televisions with large screens surged by five times year-on-year during that period, and the sales of water purifiers, washer-dryer combinations, air conditioning and smart toilet lids grew 100 to 200 percent year-onyear, the statement said.

Trends such as internet shopping and ordering food online remained popular. During last week’s holiday, the sales of some e-commerce platforms expanded by more than 20 percent year-on-year, and orders placed with online food sites monitored by the ministry jumped more than 50 percent year-on-year, it added.

Travelers also have pushed for higher-quality and more tailored tourism experiences, the ministry said.

“Chinese consumers, especially those born in the 1980s and 1990s, are increasingly pursuing travel experiences that are comfortable, tailored and individualized,” said Neil Wang, president of consulting company Frost & Sullivan China. “The change in the demand side will stimulate the change of the supply side, and both sides will together drive the growth of the sector and the overall economy.”