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How about consumption during the New Year's Day holiday? How about the prospect of consumption recovery?(2023-01-06)

Recently, with the continuous optimization and adjustment of COVID prevention and control measures, residents have travelled more and on-site consumption have gradually grown. In 2023, the consumer market recovered in an orderly manner during the New Year's Day holiday, as the supply of daily necessities was sufficient in general, and the prices were basically stable.

First, the sales of popular goods grew steadily. Driven by the festive atmosphere and various promotional activities, consumption of residents for daily needs grew steadily, and the demand for goods for the new year and daily necessities picked up. On the New Year's Day holiday, the sales of grain, oil, food, beverages and daily necessities of retail enterprises followed by the Ministry of Commerce increased by 11.3%, 10.2% and 2.6% respectively.

Second, consumption in services has been recovering. Restaurants are reopening to the public. Catering businesses use online and on-site sale to meet the diversified needs of consumers. Ice & snow consumption is gaining momentum, and various New Year celebration activities became popular. Cross-provincial and long-distance trips surged, demonstrated by rising occupancy and booking rates of hotels in major tourist destinations. Statistics show that during the New Year holiday, total box office exceeded 550 million yuan, and 85% of the cinemas were open, breaking a 10-month record.

Third, online consumption grew rapidly. MOFCOM and competent authorities have provided guidance for the 2023 National Online New Year Shopping Festival. According to our statistics, during the first five days of the shopping festival, online retail sales amounted to 208 billion yuan, up 4.7% from the previous session last year. Gift packs, health products and nutrients, and imported fresh food saw fast sales growth. New business modes and models such as live commerce and instant delivery enjoyed unlocked momentum.

Fourth, markets of daily necessities remained stable. Compared with before the holiday, replenishment of grain, edible oil, meat, eggs and vegetable was higher in 100 large grocery wholesale markets nationwide; the prices of grain, edible oil, beef and mutton were on a par; the prices of pork, chicken and eggs decreased slightly; and the average wholesale price of 30 kinds of vegetables increased by 1.5%.

During the New Year holiday and the upcoming Spring Festival, consumers’ enthusiasm is returning as Covid-19 response measures continue to optimize, work and life are returning to normalcy, and on-site consumption is coming back at a faster pace. MOFCOM will work with related authorities and local governments to implement the decisions of the central conference for economic work by prioritizing the restoration and expansion of consumer spending and work on detailed policies and measures to boost consumption. Generally speaking, domestic consumption needs will gradually build up, and steady recovery of consumption is expected to sustain. Thank you.