BEIJING (Reuters) - China’s retail sales growth slowed during the Golden Week holiday, local media said on Sunday, providing a snapshot of increasingly important sources of demand in the world’s second-largest economy.
Overall retail sales revenue grew 15 percent to hit 800.6 billion yuan ($127.4 billion) during the National Day holiday, which coincided with the Mid-Autumn Festival to provide a rare eight-day break, China’s state television China Central Television said.
That marked a cooldown from the 17.5 percent growth last year during a seven-day holiday. No further details were given,
The Golden Week holiday, when millions of people take time out to travel and spend more than usual, brings huge discounts and promotions as retailers battle for market share.
Economists are watching China’s 1.3 billion consumers closely during the National Day Golden week holiday, running from Sept 30 to Oct 7, amid escalating worries about China’s hard landing. ($1 = 6.2849 Chinese yuan)
Reporting by Judy Hua and Koh Gui Qing; editing by Ron Askew