Once prolific shoppers, Chinese consumers have in recent years cut back on spending.
SHENZHEN / CHONGQING / BEIJING – As crowds throng restaurants, malls and tourist attractions during China’s ongoing week-long national day holidays, business owners and policymakers across the country have their sights trained on one thing: reeling in the elusive consumer dollar.
Once prolific shoppers, Chinese consumers have in recent years cut back on spending, wary of an uncertain economic outlook and spooked by falling prices of the real estate properties and stocks in which they store wealth. To boost spending during this period, some localities have rolled out coupons that can be redeemed to offset spending on certain categories of items, while merchants too have offered an array of discounts.
The passenger trips have translated into large crowds gathering at major attractions and shopping streets across the country.On the evening of Oct 2, the narrow streets around Beijing’s historic Bell and Drum towers – popular with sightseers – were bustling with people taking photos and queueing outside restaurants.
At a hotpot restaurant in Chongqing’s Jiefangbei, waitress Qu Hui, 28, said: “So far, the sales are only matching last year’s figures, though the crowds are definitely bigger than those in 2023.
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