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12
Oct
2009
Record holiday sales E-mail
News - Xi'an News
Written by ND
Chinas retail industry achieved a record turnover of 83 milliard dollars during national holidays this October. The chinese board of trade announced on last friday, 9. October 2008, that the retail industry sold consumer goods amounting to 570 milliard RMB's (approx. 83 milliard U.S. Dollars)  during the national holidays. This is an increase of 18% compared to same period in 2008.

Especially home appliances were a hit during those 8 days of national festivities: HD-Flatscreen TV's, digital cameras, refrigerators and 3G-mobile phones were the favorites of consumers. KAIYUAN Mall in Xi'an achieved an increase in sales of 34,7% compared to 2008 in the home appliances sector.

Jewelry and cars were sold like warm bread as well. In the CAISHIKOU department store in Beijing for instance, jewelry was sold amounting to 100 million Yuan, 30% more than last year. In Chongqing, car sellers achieved 71,7% more sales than 2008.

The sales boom comes not from nowhere. Chinas economic stimulus package which was approved in June (China said it would spend an estimated $586 billion over the next two years), has the goal to stimulate domestic demand by subsidising consumers, as announced by the board of trade in Beijing.

Consumers can for instance sell their old home appliances to recycling companies and receive a certificate card in exchange. With that card, consumers can get a discount of 10% for any new home appliance they buy in any department store.

Meanwhile extensive commercials and Ads in every large city surely played an important role for the sales boom during national holidays in China as well.

Chinas economic stimulus package

China just announced a huge economic stimulus package aimed at bolstering its weakening economy and perhaps helping fight the effects of a global economic slowdown.  Remarkable move in a time when major projects are being put off around the world, Beijing said it would spend an estimated 4 triliion RMB ($586 billion) by 2010 on a wide area of national infrastructure and social welfare projects, including constructing new railways, subways, airports and rebuilding communities devastated by an earthquake in southwest  in May 2008 and surely stimulate its domestic consumer market. The package s a calculated risk where a hard landing on the ground with wide spread consequences could be possible. Will it work?

Our valuable Editor ND has been with us since Monday, 15 June 2009.

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