China reports 29% consumption growth during Lunar New Year holiday – Xinhua

Dhwani Mehta FXStreet

China’s consumer spending grew remarkedly during the Spring Festival golden week, Xinhua News Agency report, citing the latest statistics from the Ministry of Commerce (MOC).

Key details

“The combined sales of retail and catering enterprises in China rose 28.7 percent year on year to 821 billion yuan (about 127.5 billion U.S. dollars).”

“China's online sales exceeded 122 billion yuan during the same period, with online catering sales surging 135 percent compared with the Spring Festival holiday last year as more Chinese ordered ready-to-eat meals through e-commerce or online food delivery platforms.”

“Sales of products related to Lunar New Year's Eve dinners increased by 54.9 percent year on year during the holiday.”

Market implications

The massive consumption growth in China is likely to boost the expectations of swift global economic recovery, which could bode well for the riskier asset.

AUD/USD holds the bounce above 0.7750, up 0.10% on the day, shrugging off the upbeat data. Meanwhile, the S&P 500 futures drop 0.32% to 3,915, as of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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