[Digital Economics]Festival consumption reflects economic vitality

[Digital Economics]Festival consumption reflects economic vitality

Dragons and tigers leap over to celebrate the New Year, and the Chinese New Year is booming. Data released by the Ministry of Commerce shows that since the launch of the “National Online New Year Festival” on the eighth day of the twelfth lunar month, online retail sales have reached nearly 800 billion yuan, an increase of nearly 9% over the same period last year, achieving a “good start” for online consumption in 2024. Relevant platform data shows that travel consumption bookings during the Spring Festival increased approximately 7 times compared with last year.

The streets and alleys are decorated with lights and colorful decorations, shopping malls and supermarkets are crowded with people, rural and town fairs are full of Chinese New Year flavor, and online shopping is in full swing. The Spring Festival is an important traditional festival in my country and also a peak consumption season for residents. From the window of Spring Festival consumption, we can observe the resilience and vitality of China’s economy.

A full shopping cart reflects economic vitality. Each generation has its own flavor of the New Year. Nowadays, melon, fruit, sugar and tea are no longer on people’s New Year shopping lists. Smart watches, wireless headphones, outdoor sports equipment, beauty instruments, smart small appliances and other green, healthy, technologically intelligent products are favored by young people; Harbin red sausage, Xilin Gol mutton, Jinhua ham, Wuchang rice, Jiangxi camellia oil… Tiannanhai Different flavors from the North collide on the dining table; thanks to the development of cross-border logistics and cross-border e-commerce, “foreign New Year products” such as Chilean cherries, Norwegian salmon, Ecuadorian prawns, and French red wine bring a unique “New Year flavor” . Skiing in the north, surfing in the south, watching dramas and exhibitions, admiring flowers and lanterns, the integration of culture, sports and tourism makes the festival more festive and cheerful; domestic products, national trends, and products with national charm have become the “new favorites”, including Year of the Dragon zodiac products, intangible cultural heritage New Year pictures, and New Year greetings Traditional cultural products such as clothing, tiger head hats, and horse-faced skirts are popular, and “electronic New Year goods” such as New Year’s emoji packs, wallpapers, and red envelope covers are constantly being updated, demonstrating cultural confidence with a full sense of ritual.

A combination of policies will unleash consumption potential. Taking into account the consumption characteristics of the Spring Festival, the commerce department launched the one-month “National Online New Year Shopping Festival” to focus on “digital, healthy and green” and lead a new fashion in consumer activities. The Ministry of Culture and Tourism organized the “Celebrate the New Year with Joy” 2024 Spring Festival themed cultural and tourism activities, covering many fields such as people-benefiting theatrical performances, intangible cultural heritage experience displays, tourism and leisure consumption, and cultural museum exhibitions. Various regions closely follow the needs of festivals and carry out unique promotional activities. For example, focusing on household consumption, Tianjin and other places have carried out special live broadcasts of furniture and home appliances, special sales subsidies and other activities; focusing on national trend consumption, Zhejiang and other places have carried out activities such as the “Intangible Cultural Heritage New Year Goods Festival” and launched more domestic “trendy products”; focusing on scene experience , Shaanxi and other places have carried out activities such as “Night Chang’an Chao Chang’an” to improve the consumer experience in all aspects. During the Spring Festival, many places also issued consumer coupons for cultural tourism, department stores and restaurants, automobiles and home appliances, etc., to further stimulate the economic effects of the festival.

A “good start” in the New Year will lead to a “full year of prosperity”. Consumption is the final demand. It is not only the ultimate purpose and driving force of production, but also the direct manifestation of people’s needs for a better life. In 2023, consumption will become the main driving force of economic growth. The total retail sales of consumer goods will hit a record high. Catering revenue will exceed 5 trillion yuan for the first time. The final contribution rate of consumer spending to economic growth will reach 82.5%. Our country has a very large market, and the trend of steady expansion of consumption scale, continuous optimization of structure, and continuous enrichment of business formats has not changed. Judging from the hot consumption of New Year’s goods and popular bookings of hotels and B&Bs, the overall performance of consumption during this Spring Festival and even throughout the year is worth looking forward to.

The fiery passion for consumption requires thoughtful care. During the Spring Festival, all localities and departments must do a good job in ensuring the supply and stable prices of important people’s livelihood commodities such as “rice bags”, “vegetable baskets” and “fruit plates”, strictly control food and quality safety, strengthen monitoring of price fluctuations, and strengthen price supervision and law enforcement, so as to It provides guarantees for people to consume with confidence and celebrate the New Year happily.

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