Retail in Asia

Consumer spending growth, good news for service sector

BOOMING tourism, cinema and retail sales during the Spring Festival holiday show that China’s efforts to make its economy more reliant on the consumption power of its vast population is paying off.

Increasingly affluent Chinese are not only willing to spend, they are spending more wisely and healthily.

Aside from big feasts during family reunions, activities such as domestic and overseas travel, movies and health products have caught on.

Shops and restaurants across the country brought in 754 billion yuan (US$115.4 billion), up 11.2 percent over the same period of last year, the Ministry of Commerce said.