Home » China Release丨The consumer market has achieved a good start during the Spring Festival e-commerce instant retail sales increased by 32.2% year-on-year – China Net

China Release丨The consumer market has achieved a good start during the Spring Festival e-commerce instant retail sales increased by 32.2% year-on-year – China Net

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2024 National Online New Year Shopping Festival Achieves a Successful Start

The Ministry of Commerce recently announced the successful conclusion of the one-month “2024 National Online New Year Shopping Festival,” showing a promising start to the 12 key activities of the “Consumption Promotion Year.”

During the festival, key e-commerce platforms reported approximately 1.2 trillion yuan in national online retail sales. Compared to the previous year, this represents an average daily increase of nearly 9%. More than 300 supporting activities were held, involving over a thousand e-commerce and distribution companies. Regions including Shanghai, Guangxi, and Shaanxi promoted high-quality products from ASEAN, Central Asia, and other regions, connecting them with the Chinese market.

The festival also featured activities such as the “ASEAN E-commerce Theme Week,” “China-Europe Railway Train New Year Goods Festival,” and “Guipin Going to the Sea,” which introduced foreign products while also helping domestic products go global. Additionally, various regions across China launched a wide array of special offers, discounts, and cultural and tourism activities, fostering a vibrant atmosphere during the festival.

The festival highlighted three major themes for new promotions: home renewal, national fashion renewal, and scene renewal. Notably, online sales saw significant boosts in categories such as energy-saving central air conditioners, folding screen mobile phones, Tang suits, and national fashion jewelry, with increases ranging from 131.2% to 261%.

Apart from the online festival, the Ministry of Commerce highlighted the success of various other activities held during the Spring Festival, including a carnival of time-honored brands and a celebration of trendy domestic products. Major business districts experienced a boom in passenger flow and turnover, with festival and trendy domestic products seeing strong sales.

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Significant year-on-year increases were also observed in the sales of gold and silver jewelry, sports and entertainment supplies, communication equipment, and catering. The box office for movies reached a record high, and the sales of green and organic food increased significantly on e-commerce platforms.

The Ministry emphasized that rural consumption, particularly in areas of catering, tourism, and agricultural products, continued to rise due to the influx of people returning home for the New Year. Looking ahead, the Ministry stated its commitment to carrying out a series of activities as part of the “Consumption Promotion Year” to further expand consumption.

With the launch of the “2024 National Consumption Promotion Month,” the Ministry of Commerce, in collaboration with Beijing, Tianjin, and Hebei, aims to continue driving the consumer market towards steady growth in the first quarter. This positive outlook is expected to be further bolstered by various upcoming policies and measures to promote consumption.

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