China's Retail, Catering Industries Log USD225.5 Billion Revenue in 'Golden Week'
Dou Shicong
DATE:  Oct 09 2017
/ SOURCE:  Yicai
China's Retail, Catering Industries Log USD225.5 Billion Revenue in 'Golden Week' China's Retail, Catering Industries Log USD225.5 Billion Revenue in 'Golden Week'

(Yicai Global) Oct. 9 -- Chinese retail and catering companies registered a total revenue of USD225.5 billion (CNY1.5 trillion) over the National Day holiday (Oct. 1 to 8) this year, up 10.3 percent compared with the same period last year, per statistics from China's Ministry of Commerce (MOFCOM).

Technical innovations such as online-to-offline (O2O) shopping, the 'sharing economy' and mobile payment have become an important driving force behind consumer spending growth, the ministry said yesterday.

Shanghai held more than 230 special events such as shopping, food and music festivals to attract consumers employing innovative marketing techniques including experiential retail, social media marketing and live streaming. Beijing hosted a series of household product promotions during the eight-day-long Golden Week, luring more than 20,000 consumers with a total spending of USD22.55 million. Guangxi province conducted a nationwide e-commerce marketing campaign, promoting local specialties via online and offline events.

Food, apparel, jewelry, household appliances and automobiles topped the list of best-selling products during the National Day holiday, statistics show. For catering businesses, the Mid-Autumn Festival (Oct. 4, also known as the Moon Festival) and wedding banquets were the main revenue growth drivers, and seasonal health meal and moonlight set menus were very popular in the holiday season.

Food prices stayed stable overall in the week. Average rice, flour and cooking oil prices remained largely unchanged, while beef and lamb prices slipped 0.4 percent and 0.1 percent respectively, as vegetable prices rose 2.4 percent.

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Keywords:   National Day Holiday,Retail And Food,Ministry of Commerce