ChineseNewYearspreeshowsshoppers"bigroleinbolsteringgrowth,sayexperts

ChineseconsumerssplurgedduringtheSpringFestivalholiday,notonlyonthingslikeduty-freecommodities,jewelryandhealth-relatedproducts,butalsoonexperiencessuchastravelandentertainment,fueledbytheoptimizationofCOVID-19preventionandcontrolmeasures,industryexpertssaid.

TheyaddedthatChina"sconsumermarket,whichplaysafundamentalroleinbolsteringthecountry"seconomicgrowth,isexpectedtogainmomentumthisyear,andtheconsumptionboomduringtheweeklongChineseLunarNewYearholidayshowcasedtheenormousvitalityandstrongresilienceofthenation"seconomy.

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StatisticsfromtheDepartmentofCommerceofHainanprovinceshowedthatthetotalsalesof12offshoreduty-freeshoppingmallsonthetropicalislandreached1.69billionyuan($249.1million)fromJan21toWednesday,anincreaseof20.03percentcomparedwiththefirstfivedaysoflastyear"sSpringFestivalholiday.

Chinesee-commerceplatformJDreportedthatbetweenJan21andWednesday,theturnoverofrabbit-themedjewelryskyrocketedmorethantenfoldoverthelastSpringFestival,whiletransactionvolumeofprecookeddishesrosemorethansixtimes.

Health-relatedandnutritionalproductstoboosttheimmunesystemareincreasinglyfavoredbyChineseshoppers,withtheturnoverofaminoacidoralliquidandproteinpowdersoaring215percentand70percentyear-on-year,respectively.

Whileglobaleconomicgrowthisprojectedtodeceleratefromanestimated3percentin2022to1.9percentthisyear,China"sgrowthisexpectedtomoderatelyimprovethisyear,saidareportissuedbytheUnitedNationsonWednesday.

WiththeauthoritiesadjustingCOVIDpoliciesinlate2022andeasingmonetaryandfiscalpolicies,China"seconomicgrowthisforecasttoaccelerateto4.8percentin2023,saidthereport.

China"sGDPexpanded3percentyear-on-yearin2022to121.02trillionyuan,accordingtotheNationalBureauofStatistics.Consumptioncontributedto32.8percentofChina"seconomicgrowthlastyear,drivingGDPgrowthby1.0percentagepoint.

AnalystssaidthatSpringFestivalspendinghasbeenabarometerofChina"sconsumptionvitality,andtherecoveryofconsumptionwillbecomethemainforceboostingChina"seconomicreboundin2023.

"TheSpringFestivalisthetraditionalfestivalthatChinesepeopleattachthemostimportanceto,andit"salsoapeakseasonforconsumption,"saidBaiMing,deputydirectorofinternationalmarketresearchattheChineseAcademyofInternationalTradeandEconomicCooperation.

China"sconsumermarkethasseen"recoveryofgrowth"duringtheholiday,whichindicatesthevitalityofdomesticconsumptionandtherestorationofconsumerconfidence,thankstotheoptimizedCOVID-19controlmeasures,hesaid.

Thedomestictourismmarketalsowitnessedarobustrecoveryduringtheholiday.AccordingtotheMinistryofCultureandTourism,domesticdestinationsandattractionsreceived308millionvisits,up23.1percentyear-on-year.Thenumberwasroughly88.6percentofthatin2019.

Cinemaswelcomedcrowdsofmoviegoers,withthecountry"sboxofficerevenuefortheholidayexceeding6.5billionyuanasof4pmonFriday,datafromboxofficetrackerMaoyanshowed.

Chineseshoppersunleashedtheirpent-uppurchasingdemandduringtheSpringFestival,andtheirconsumptionlevelhasalmostreturnedtopre-pandemiclevels,saidPanHelin,co-directoroftheDigitalEconomyandFinancialInnovationResearchCenteratZhejiangUniversity"sInternationalBusinessSchool.

WuChaoming,deputydirectoroftheChasingInternationalEconomicInstitute,saidthecontinuedoptimizationofCOVID-19policieswillsignificantlyboostconsumptiongrowthandstimulatepeople"sappetitetotravelandspendthisyear.

ChengSicontributedtothisstory