China s Spring Festival consumption data is out, who dares to say that the economy is sluggish?

Mondo Finance Updated on 2024-02-22

Just after the Spring Festival, countries such as Germany, Japan, the United States and South Korea** all expressed great surprise at the consumption boom during the Chinese New Year. They did not expect that the scale of consumption during the Chinese New Year would be so large, and a series of astonishing statistics made them jaw-dropping.

First of all, according to data released by China Railways, the number of migrants during the Chinese New Year reached a staggering 9 billion. This is a staggering figure, given that the total population of the European Union is less than 500 million, while the population of the United States is no more than 300 million. Even if you add up the populations of Japan and South Korea, the total population is only about 900 million. This means that the number of migrants in China during the Spring Festival is several times that of the total population of these countries.

In addition, data released by the People's Bank of China shows that between Chinese New Year's Eve and the fifth day of the new year, the transaction amount is as high as 77.4 billion, close to 8 billion. This means that the per capita consumption has reached 5,000 yuan. This figure once again proves the strong strength of Chinese Spring Festival consumption. The "2024 Spring Festival Consumption Data Report" released by Douyin Life Service also provides more details. According to the report, during the Spring Festival, the consumption scale of various service industries increased by 153% year-on-year. 3.19 million people returned to their hometowns to visit stores, bringing 11$8.5 billion in economic revenue. In addition, food orders increased by 99 percent year-on-year, while travel accommodation and recreation related orders increased by 130 and 119 respectively. The number of people buying movie tickets on the platform increased by 128 times, the number of museum-related orders increased by 175 times. These data fully demonstrate the prosperity and vitality of the consumer market during the Chinese New Year.

The data not only reveals a strong recovery in China's economy, but also highlights China's rise in infrastructure, manufacturing, and technology. Without well-developed aviation, high-speed rail and road infrastructure, how can we ensure the orderly migration of 9 billion people during the Spring Festival? If the economic level of the people has not improved, how can there be a Spring Festival consumption scale of nearly 800 million? Without the help of digital platforms, how can it be possible to drive unpopular small cities and create 11What about the economic income of 8.5 billion? The answers to these questions all point to the fact that China's economy has risen to become one of the largest economies in the world, and behind this achievement is the unremitting efforts and wisdom of the Chinese people. List of high-quality authors

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