"Golden week" makes 270 billion yuan sales
(People's Daily Online )
Updated: 2005-10-08 17:02

The Ministry of Commerce's latest analysis has shown that China's retailing sales reached 270 billion yuan during the "golden week" holiday from Oct. 1 to 7, up 14.2 percent year on year.

The following are the five characteristics of the "golden week" market according to the market operation department of the Ministry.

The supply is sufficient and a number of famous brands are introduced. The availability of commodities was 20 percent more than the usual, especially house appliances, imported cosmetics, watches and apparels for the high-end market, jewelry, and fruits from Taiwan and Thailand.

The urban market is brisk and the rural market is steady. Urban retailers saw their sales up by 18 to 41 percent in Beijing, Guangdong, Shanxi, Hebei, Chongqing, Jilin and Sichuan. Catering business increased by 21 to 50 percent in those areas. The rural market at or below the county level remained as usual.

There was change in consumption structure. Gold and jade jewelry, well-established branded appliances, and apparels were consumers' favorites. Gold and jade jewelry sales are expected to soar some 35 percent over the week. Hi-tech products like flat panel TV, environmental friendly refrigerator, and small digital house appliances were new driving force. Major electrical appliances, such as Gome and Suning, had their sales rise by 25 to 30 percent. The real estate and auto markets, however, were relatively slack.

Retailers launched various promotions and offered more favorable prices over the holiday. Prices of electrical appliances and cars dropped considerably. Supply for daily necessities was sufficient. Rice, food oil and eggs were all slightly cheaper than they were before the holiday. But vegetables and pork cost more.

Green, safe and healthy consumption began to come in. Excursions to rural areas and spending a few days there at hotels run by farmers were very popular.