Major companies in China’s retail and food and beverage (F&B) sectors have seen a sharp rise in sales during the 2021 Lunar New Year, as the country continues to recover from the economic impacts of the COVID-19 pandemic.
China’s key retail and F&B enterprises saw around 821 billion yuan in sales (approx. USD$126.95 billion) during the week-long Lunar New Year holiday which ran from 11 – 17 February in 2021, according to data released by the Chinese Ministry of Commerce (MOFCOM).
The sales figure marks a rise of 28.7% compared to sales during the 2020 Lunar New Year, when China was still reeling from the impact of lockdown measures imposed to contain the spread of COVID-19. It also marks an increase of 4.9% compared to the 2019 Lunar New Year.
Jewellery sales by key retail companies during the 2021 Lunar New Year saw a rise of 160.8% as compared to the 2020 holiday period, while apparel sales rose by 107.1%, communications devices saw a rise of 39.0% and home appliances and digital devices an increase of 29.9%.