China commerce ministry says National Day holiday consumer market stable
In short
China's Ministry of Commerce said the national consumer market was stable and orderly halfway through the National Day holiday, with adequate supplies of daily necessities and steady prices. Commerce ministry big data showed foot traffic and turnover at 78 monitored pedestrian streets and commercial districts rose 3.4% and 5.3% year-on-year in the first three days of the holiday, while the consumer goods trade-in program drove 19.63 billion yuan in sales. Stocks at 200 large agricultural wholesale markets were ample, with most staple food prices flat or slightly lower than before the holiday.
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China's Ministry of Commerce said on Oct 4 that the national consumer market was stable and orderly halfway through the National Day holiday, with daily necessities in ample supply and prices broadly steady, according to Xinhua, Yicai, China News Service and Jiemian. [ 1 , 2 , 3 , 4 ]
Commerce ministry big data showed that foot traffic and turnover at the 78 pedestrian streets and commercial districts the ministry monitors rose 3.4% and 5.3% year-on-year respectively in the first three days of the holiday, Oct 1 to 3, the outlets reported. [ 2 , 3 , 4 ]
The consumer goods trade-in programme drove 19.63 billion yuan in sales during the period, benefiting 3.483 million person-times, according to the figures cited. That included 46,000 vehicles traded in for 7.45 billion yuan in new car sales, 1.511 million home appliances traded in for 6.5 billion yuan, and 1.709 million digital and smart products bought for 4.9 billion yuan. The documents do not state the exact period covered by the trade-in figures. [ 2 , 3 , 4 ]
On supplies, the ministry said stocks at 200 large agricultural wholesale markets nationwide were sufficient. Grain, cooking oil, pork, beef and mutton and fruit prices were roughly level with the pre-holiday level, while vegetable and chicken prices were each down 0.5% and egg prices down 1.1%. Yicai and Jiemian dated the comparison to Sept 30, the day before the holiday began; China News Service referred to prices before the holiday without giving a date and attributed the stock data to the first four days of the holiday. [ 2 , 3 , 4 ]
The outlets differed slightly in how they framed the window covered. China News Service's headline referred to the first four days of the holiday, while the pedestrian street data it reported covers the first three. Xinhua's own item carried the title “consumer market stable and orderly”, but the document provided contains only the title, with no summary or article text. [ 1 , 3 ]
Why it matters
The figures are the commerce ministry's own holiday snapshot, and they are used to support the official description of a stable, orderly market. They also give the first read on how the trade-in subsidy programme for cars, appliances and digital products is performing during a major shopping period, a programme the ministry has promoted as a driver of consumption.
Key facts
- The Ministry of Commerce said the National Day holiday consumer market was stable and orderly, with sufficient supplies of daily necessities and generally stable prices. [ 1 , 2 , 3 , 4 ]
- Foot traffic and turnover at the 78 pedestrian streets and commercial districts monitored by the ministry rose 3.4% and 5.3% year-on-year in the first three days of the holiday (Oct 1-3). [ 2 , 3 , 4 ]
- The consumer goods trade-in programme generated 19.63 billion yuan in sales and reached 3.483 million person-times, according to ministry big data. [ 2 , 3 , 4 ]
- Within that total, 46,000 vehicles were traded in, driving 7.45 billion yuan in new car sales; 1.511 million home appliances were traded in for 6.5 billion yuan; and 1.709 million digital and smart products were bought, for 4.9 billion yuan. [ 2 , 3 , 4 ]
- Stocks at 200 large agricultural wholesale markets nationwide were sufficient, with grain, cooking oil, pork, beef and mutton and fruit prices roughly flat against the pre-holiday level, while vegetable and chicken prices fell 0.5% and egg prices fell 1.1%. [ 2 , 3 , 4 ]
- Yicai and Jiemian dated the price comparison to Sept 30, the day before the holiday began. [ 2 , 4 ]
Confirmed by several sources
- The Ministry of Commerce reported that the National Day holiday consumer market was stable and orderly and that daily necessities were in ample supply at stable prices. [ 2 , 3 , 4 ]
- Ministry big data showed foot traffic at 78 monitored pedestrian streets and commercial districts up 3.4% and turnover up 5.3% year-on-year for Oct 1-3. [ 2 , 3 , 4 ]
- The trade-in programme for consumer goods drove 19.63 billion yuan in sales and benefited 3.483 million person-times, including 46,000 vehicles, 1.511 million home appliances and 1.709 million digital and smart products. [ 2 , 3 , 4 ]
- The ministry said 200 large agricultural wholesale markets had ample stocks, with grain, oil, pork, beef, mutton and fruit prices broadly unchanged and vegetable, chicken and egg prices lower. [ 2 , 3 , 4 ]
Still unclear
- The exact period covered by the trade-in sales figures The documents state the Oct 1-3 window for the pedestrian street footfall and turnover data but do not give an explicit period for the 19.63 billion yuan trade-in total.
- The period covered by the supply and price data Yicai and Jiemian say the figures are for the holiday period and compare prices with Sept 30, while China News Service attributes the stock data to the first four days of the holiday and refers only to prices before the holiday.
- The number of holiday days covered by the overall consumer market assessment China News Service's headline says the first four days, while the data it reports on pedestrian streets covers only the first three.
- Whether Xinhua's own report carried additional detail The Xinhua document provided contains only a title and no summary or article text.
What local media are saying
Timeline, local time
- Xinhua publishes a brief item titled “consumer market stable and orderly”. [ 1 ]
- Yicai publishes the commerce ministry's holiday figures, including the trade-in breakdown. [ 2 ]
- China News Service reports the ministry data under a headline referring to the first four days of the holiday. [ 3 ]
- Jiemian publishes the Xinhua-sourced report with the same figures. [ 4 ]