Another Consumption Boom

In Kaifeng, a city along the Yellow River with a population of nearly 5 million, banquet prices increase by 20% during the Spring Festival. The Chinese way of life is changing. Today, restaurants seem to be the most appropriate place for a family reunion while the older generation used to treat relatives and friends at home with traditional Chinese cuisine like braised pork. From Feb 9-15, the sales revenue of major retail and catering enterprises in China rose 14.7% to 539 billion yuan ($86.4 billion) compared to the same period last year, according to the Ministry of Commerce (MOFCOM). This consumption confidence is an indication that buoyant domestic demand is propping up the Chinese economy. Against the backdrop of stagnating global consumption, China's Spring Festival has evolved into a bellwether for global economic growth.