Dynamic consumer market to mark the next National Day holidays: ministry
The Ministry of Commerce (MOFCOM) Photo: VCG
China’s vibrant consumer market will be a good manifestation of the country’s stable development and growing prosperity during the upcoming 2021 National Day holiday, which begins on October 1, an official from the Ministry of Commerce (MOFCOM) said on Sunday. at a press conference.
Compared to the same period of 2020, discretionary consumption and household consumption will be the main source of spending during the holidays despite the sporadic outbreaks of the coronavirus, said Wang Bin, deputy director general of the Consumer Promotion Department of the United Kingdom. MOFCOM. Wang added that the market demand for innovative consumer products will continue to grow.
Wang noted that the government will urge businesses and e-commerce platforms to increase the supply of green, healthy and high-quality products to better meet personalized and diverse consumer demand during the seven-day holiday.
Regarding the auto industry, Wang said 2021 annual auto sales are expected to reverse the decline streak of the past three years and return to positive growth momentum.
Auto sales in China increased 13.7% year-on-year to more than 16 million units in the first eight months of 2021, driven by record sales of electric vehicles.
The administration is about to abolish some restrictions on used car transactions, further facilitating the used car transaction, in order to promote the development of the electric vehicle market, Wang added.
In the first eight months of 2021, used car transactions reached 11.39 million units, up 40.4% year-on-year. According to official statistics, the ratio of offline transactions has increased from 30% to 60%, due to the growing capacity to enable transactions between provinces.