China's daily retail sales exceed 10% growth during eight-day Golden Week

[BEIJING] China's daily retail sales during the country's Golden Week holiday that ended on Sunday rose at a double-digit pace, data from the commerce ministry showed, steady from a year earlier.

Average daily sales of retailers and catering firms increased 10.3 per cent to 1.5 trillion yuan (S$308 billion) during the eight-day National Day holiday, the ministry said in a statement posted on its website late on Sunday.

Daily revenue grew 10.7 per cent in the previous year.

The Golden Week break, which ran from Oct 1 to 8 this year as it coincided with the Mid-Autumn Festival, is a peak season for Chinese people to pack their bags for distant and not-too distant travelling.

In revenue terms, the holiday is more important for retailers than Chinese New Year as they vie for customers with promotions and discounts.

Usually, the National Day holiday runs from Oct 1 to 7.

New economy services such as car-sharing and hotel-sharing have become increasingly popular this year, the commerce ministry said.

Statistics from the China National Tourism Administration (CNTA) also showed that 705 million trips were made during the National Day holiday this year, up 11.9 per cent from the seven-day holiday last year.

China's tourism industry saw revenues of 583.6 billion yuan during the same period, up 13.9 per cent against last year, tourism bureau data showed.

Economists are closely watching China's consumption data as the country shifts towards a more services-driven economy.

REUTERS