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People's Daily Online>>China Business

Businesses to benefit from festival

By Cang Wei (China Daily)

15:27, January 18, 2012

Dragon toys are popular at this market in Yangzhou, Jiangsu province as Spring Festival approaches. It's the Year of Dragon, according to the Chinese lunar calendar. (Photo/China Daily)

BEIJING - With the approach of Spring Festival for the Year of the Dragon, the more than 1.3 billion people in China have become eager shoppers.

According to Zhejiang China Commodities City Group Co Ltd, a well-known center where general merchandise is distributed from in Yiwu, Zhejiang province, people spend up to 17 percent of annual expenditure to prepare for Spring Festival.

"I have spent 15,000 yuan ($2,370) - about 10 percent of my yearly income - to buy presents for my relatives, especially for my in-laws," said Chen Chang, who works for an insurance company in Guangzhou, Guangdong province.

"To visit relatives without gifts is unthinkable," the 26-year-old said.

The Chinese have a tradition of giving gifts to their relatives during the festival. Among the best-sellers are expensive liquor and well-wrapped boxes of chocolate, ham and other foods.

To express their best wishes for the Lunar New Year and decorate their homes, residents also buy red lanterns, scrolls bearing poetic couplets, paper cuttings and plush dragon toys.

Tesco China, the UK-based grocery and general merchandising retailer that owns 104 outlets in China, predicted the value of the liquor, boxed foods and other merchandise sold during the festival will increase by 10 to 20 percent from 2011.

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