Consumer spending in China grew during the Golden Week celebrations, with key retailers and caterers logging a 2.7% rise in sales during the long holiday, Xinhua News Agency reported Wednesday.

This year's holiday spanned the period between the National Day and the Mid-Autumn Festival celebrations from Oct. 1 to 8.

However, sportswear and home appliances sales told a different story.

Brands such as Descente saw lower sales due to unusually warm temperatures in Shanghai and across eastern China, and consumers' penchant for more value-for-money items, Jefferies said the same day.

Brands such as Li Ning (HKG:2331) are seeing more offline sales of its basketball shoes, with outlet stores overtaking e-commerce channels as sales drivers, the investment bank said.

Anta's (HKG:2020) same-store sales growth trend is a bane for the sports apparel maker's sales channel reform, according to Jefferies.

Meanwhile, the home appliance sector's sales declined between 5% and 10% year over year amid a narrowing of government subsidies during the holiday, according to a note by Jefferies released the same day.

Sales of refrigerators contributed most to the fall, while sales of washing machines were the "most resilient," Jefferies said.

Subsidies from e-commerce platforms such as JD.com (HKG:9618) grew during the period, according to the bank.

Jefferies expects sales to grow starting Thursday as the Double 11 promotion by e-commerce platforms starts.

Meanwhile, regional passenger volumes grew 6.2% year over year, with passenger flows reaching nearly 2.43 billion during the holiday, Global Times reported Wednesday, citing the Ministry of Transport.

Average cross-regional passenger volume grew 6.9% during the Sept. 30 to Oct. 7 period, according to a separate report by Jefferies.

Students made up 40% of the travelers mix during the holiday, Jefferies quoted Tongcheng Travel (HKG:0780) as saying, while Trip.com (HKG:9961) said it saw "solid" outbound travel, with a 70% increase in travelers going to Europe.