During the 2024 Lunar New Year, consumption of services in the Mainland was seen to be stronger than consumption of goods.
The Zhitong Finance App learned that CITIC Lyon released a research report saying that due to the strong increase in the number of shoppers, the daily sales of duty-free shops in Hainan have increased by 40% per year, gold jewelry sales are strong, and sportswear sales are in line with expectations. The bank gave LVMH and Shenzhou International (02313) a “buy” rating, while China outperformed the market with China Free (01880).
The report indicates that during the 2024 Lunar New Year period, consumption of services in the mainland was stronger than consumption of goods. The average daily sales volume of the service industry increased by 52.3% per year, with tourism, culture, and catering growing rapidly. Daily travel revenue increased 47% per year, the number of travelers increased 34%, and average tourist spending increased 9%.