年貨經濟(niánhuò jīngjì): Spring Festival shopping-generated economy

There is always a boom in consumption every year around Spring Festival. Research by the Chinese Academy of Social Sciences shows that domestic consumption grows in November and December every year, which indicates the positive role spending for the Spring Festival plays in economic growth.

Since 2010 the Ministry of Commerce has promoted a national shopping fair of Spring Festival goods, which has attracted more than 60,000 retailers and enterprises, and last year the internet played a significant role as people, especially the younger generation, bought more online. The consumption in third- and fourth-tier cities and remote rural areas, which used to be remarkably constrained, has also been greatly stimulated by the online shopping platforms.

Meanwhile, the most popular goods for the Spring Festival have gradually changed from mass consumer products including traditional foods and clothing to services, particularly health, entertainment and culture.

In addition, the Spring Festival shopping can help promote the retail industry and companies' brand building, which is of great significance to drive consumption and economic growth.