A pier hard to find, winter Olympics consumption is great!In January-February, the total value of social transactions grew by 6.7% year on year

Fu Linghui, spokesperson of the National Bureau of Statistics and director of the General Statistics Department of the National Economy, introduces the performance of the national economy in January-February 2022 at a press conference held by the State Information Office of the People’s Republic of China on March 15, 2022.According to reports, the total retail sales of consumer goods in January and February reached 7,442.6 billion yuan, up 6.7% year on year, 5.0 percentage points faster than that in December 2021 and 2.8 percentage points faster than the two-year average growth in 2021.What are the factors behind the strong recovery in consumption?”The Spring Festival and winter Olympics are driving consumption.””Big data shows that sales of skiing equipment and ice sports products also doubled during the Spring Festival, and Bing Dwen Dwen, the mascot of the Winter Olympics, is also hard to find,” Fu said.In the same period of last year, long-distance trips were greatly reduced due to factors such as the Chinese New Year holiday. This year, although sporadic outbreaks still occur in some places, epidemic prevention and control are more precise on the whole.From January to February, long-distance travel is still significantly increased.It can be seen that both railway passenger volume and civil aviation passenger volume increased by double digits over the same period last year.In addition, sales of ice and snow products increased significantly during the Winter Olympics, driving the growth of commodity retail and catering industry.In terms of data, retail sales rose 6.5 percent in January-February from a year earlier, up 4.2 percentage points from December.Food and beverage revenue grew 8.9 per cent year-on-year, compared with a 2.2 per cent year-on-year decline in December. Only food and beverage revenue growth pushed the total growth rate up by about 1 percentage point from December.The steady growth in consumption was also driven by faster sales of bulk commodities and upgraded goods, as well as more aggressive online promotions for this year’s Lunar New Year shopping Festival.”These developments show that China’s consumer market is highly resilient, and the trend of expanding consumption and upgrading the consumption structure remains unchanged.The consumer recovery is expected to continue as the economy continues to recover, employment expands, personal income increases, social security improves, and policies to boost domestic demand and consumption continue to take effect.Fu Linghui thinks.Source | yangcheng evening news · Yang cheng sent coordinating editor | Yang Chuying

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