(Rapaport...Business Daily) The Ministry of Commerce's latest analysis has shown that China's retailing sales reached $33 billion (270 billion yuan) during the "golden week" holiday from October 1 to 7, 2005, up 14.2 percent from 2004.
The following are the five characteristics of the "golden week" market according to the market operation department of the Ministry. The supply is sufficient and a number of famous brands are introduced. The availability of commodities was 20 percent more than the usual, especially house appliances, imported cosmetics, watches and apparels for the high-end market and jewelry.
The urban market is brisk and the rural market is steady. Urban retailers saw their sales up by 18 to 41 percent in Beijing, Guangdong, Shanxi, Hebei, Chongqing, Jilin and Sichuan.
The rural market at or below the county level remained as usual. There was change in consumption structure.
Gold and jade jewelry sales were said to soar some 35 percent over the week. Hi-tech products like flat panel TV, environmental friendly refrigerator, and small digital house appliances were new driving force.
Retailers launched various promotions and offered more favorable prices over the holiday. Excursions to rural areas and spending a few days there at hotels run by farmers were very popular.