China’s week-long Lunar New Year is always good for the financial sector – and this year was no exception. The retail sector saw a 16.2% surge year on year to 470 billion yuan ($67.87 billion) during the New Year holiday recently. Consumers were seen to enjoy purchases on food, wine and clothes.
The commerce minister reported that sales on clothes was 18.7%, jewelry rose 16.4% and food rose 16.2%, according to a statement that was posted on the ministry website on Saturday.
The peak travel period, from January 8th, 2012 to February 16th was also supposed to be very good for business. Chinese people typically travel to be with family and friends during the holiday period. Trips on trains, planes and boats were expected to reach 3.2 billion during the height of the travel period, creating a 9.1% increase from last year.