Chinese Retail Spending Grows 11.4% Over New Year Holiday

Chinese Retail Spending Grows 11.4% Over New Year Holiday
Nyima Pratten
SHANGHAI-The Year of the Rooster seems to be off to a solid start. Retail sales in Mainland China during the Lunar New Year period rose 11.4 percent on the year to 840 billion renminbi, or $122 billion, according to the Ministry of Commerce. The holiday ran Jan. 27 to Feb. 2. Sales growth was in line with the 11.2 percent jump seen in 2016 over 2015. It also came close to meeting Fung Global Retail's forecast for 12 percent growth. Anhui, Yunnan, and Guangxi, all Western provinces filled with lower tier cities, recorded the fastest growth in consumer spending, according to the ministry's data, whereas Shanghai's retail sales rose 10.6 percent on last year. On Tuesday, Hong Kong-based jewelry giant Chow Tai Fook reported lukewarm Chinese New Year numbers with nearly flat same-store sales in Mainland China. Meanwhile Cartier China said it was expecting sales to break records over the holiday period. Transactions at home and abroad by UnionPay cards rose 48.1 percent to 462 billion renminbi, or $67.17 billion, during the seven-day holiday, according to data from the financial services company. Dining, shopping, traveling and transportation were the biggest categories for spending. Cardholders made 343 million transactions during the holiday, registering an 11.7 percent annual increase. Additionally, this year, more

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