China reports continued consumption growth during National Day holiday, trade-in program generates 1.96 billion yuan in sales
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China's Ministry of Commerce reported that customer traffic and revenue at 78 key shopping streets and commercial districts monitored by the ministry rose 3.4% and 5.3% year on year during the first three days of China's seven-day National Day holiday, which runs from October 1 to 7. The report said the Chinese government's consumer goods trade-in program generated 1.96 billion yuan in sales during the first three days of the holiday, equivalent to about 9.81 billion baht, benefiting 3.48 million consumers. Xinhua News Agency reported that the program brought about the trade-in of 46,000 vehicles, generating 7.45 billion yuan in new car sales, or about 37.2 billion baht; 1.51 million home appliances worth 6.5 billion yuan, or about 32.5 billion baht; and 1.71 million digital and smart devices worth 4.9 billion yuan, or about 24.5 billion baht. Meanwhile, Chinese authorities expect cross-regional passenger trips during the seven days to reach 2.13 billion, or an average of 300 million per day, with railway passenger trips on October 1 alone hitting 25.2 million, a record high for a single day. The Ministry of Culture and Tourism has also carried out a one-month national tourism promotion program since late September, with local governments holding more than 20,000 events and distributing vouchers and consumer subsidies worth about 310 million yuan, or roughly 1.55 billion baht, to boost tourism consumption.