Growth in China’s retail sales during the long “Golden Week” holiday slowed to 12.1 percent from a 13.6 percent rise in the same period last year, data from the Ministry of Commerce showed on Wednesday.
China’s retailers and catering firms chalked up sales of 975 billion yuan ($158.94 billion) during the week-long National Day holiday, according to the ministry.
The holiday, when millions of people take time out to travel and spend more than usual, also brings huge discounts and promotions as retailers battle for market share.
Analysts were closely watching consumption during the holiday, which ran from Oct 1-7, amid signs of a slowdown in the world’s second-largest economy.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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