China's traditional lunar New Year is approaching. And consumer prices are on the rise as festivity-related demands such as family reunion dinners and self-rewards prompt up consumption.
China's lunar new year is still a month away, but you can already feel the New Year atmosphere in the retail and the wholesale sectors.
In Jiangsu Province, one of China's major agricultural producing regions, prices of both vegetables and meat are rising.
"Bamboo shoots are sold for 15 yuan per 500 grams. But the cost has increased to 12 yuan. It's hard for me to profit," a vegetable store keeper from Changshu City of Jiangsu Province says.
Due to the cold weather and soaring demand, meat prices have seen a fast rise as well. Aquatic products also become popular as a part of the New Year feast. Meanwhile, the sales of special local products are heating up too.
"The local products pack sells best, which includes many cheap but high-quality organic foods. People prefer to take some to their families for the New Years," a local products store owner in Suqian City of Jiangsu Province says.
But not all goods prices are increasing. Some high-end healthcare products lost their glamour to consumers this year. By contrast, low-and-medium end ones sell better.
"The sales of the low-and-medium products have increased about 30 to 40 percent than before," a healthcare salesperson says.
As the most important holidays in China, the traditional New Year is seen as a consumption generator. According to the Ministry of Commerce, the retail and catering sales reached nearly 540 billion yuan, or 90 billion U.S. dollars during last year's Spring Festival. And a similar trend is expected this year as well.
Source: CCTV
