During the Spring Festival holiday, consumption data showed strong growth, with a potential positive impact on retail sales figures for the first two months of the year. According to business data, the average daily sales of major retail and catering enterprises nationwide during the first four days of the holiday increased by 8.6% compared to the same period last year. This growth rate was significantly higher than the 2.7% increase seen during the previous National Day and Mid-Autumn Festival holiday period. Since 2023, the correlation between holiday consumption data and monthly retail sales growth has continued to strengthen, suggesting that retail sales for the first two months of this year may also receive a boost.

Cross-regional travel volume saw an accelerated increase, with waterway transport performing particularly well. Data from the Ministry of Transport indicated that during the nine days from February 13 to February 21, the volume of cross-regional passenger movement across society grew by 8.7% year-over-year. This compares to a 6.3% growth rate during the previous National Day and Mid-Autumn Festival holiday. Growth rates for railway, civil aviation, and waterway transport all showed notable improvement. Civil aviation and railway travel, associated with medium and long-distance trips, grew by 6.8% and 7.9% respectively, up from around 3% during the previous holiday period. Waterway transport surged by 28.5%, a significant increase from the 4.1% growth seen previously, potentially driven by factors such as increased tourism demand, a recovery in cruise and other water-based tourism products, and the first Spring Festival following the full-island customs closure in Hainan.

Prices in key consumption areas were mixed but overall relatively stable. Sectors that performed well included premium baijiu, represented by brands like Moutai, hotels in popular smaller cities, and airfare. Areas experiencing potential declines included hotels in first-tier cities, due to concentrated holiday travel home and ample supply, and movie ticket sales, which hit a five-year low.

Structural highlights in consumption were evident in three main areas. First, premium consumer goods, such as gold and Hainan's duty-free shopping, showed resilience. Gold consumption remained strong despite high prices, supported by essential demand like weddings and gifts, as well as self-purchase demand from younger consumers. Announcements of price increases by several gold brands in late February and March may have prompted concentrated purchasing during the holiday. Duty-free sales in Hainan during the first four days of the holiday grew by 20.9% year-over-year, accelerating from the 13.6% growth seen during the previous National Day period. Second, domestic and outbound travel maintained their popularity. Domestic hotel accommodation transaction value saw strong growth, and domestic flight bookings increased. Outbound travel was also robust, with daily average inbound and outbound passenger numbers at national ports expected to show double-digit growth. Third, intelligent and health-focused consumption emerged as new trends. Products like smart wearable devices, instant retail services, and organic foods were popular among consumers. Sales of smart wearables on major platforms saw significant growth, and platforms offering quick delivery services reported strong performance during the holiday sales period, indicating a shift from bulk seasonal purchasing to on-demand buying.

A weekly economic review highlighted several trends. In positive developments, durable goods consumption rebounded sharply before the holiday, with passenger vehicle retail sales showing significant growth. Residential property sales area improved. Pre-holiday export-related high-frequency data showed improvement, and second-hand home listing prices saw slight increases. Commodity prices, particularly for gold and oil, rose. In contrast, infrastructure-related high-frequency data continued to decline, with cement shipment rates and asphalt plant operating rates falling. The review also noted ongoing policy discussions aimed at addressing excessive "inward-rolling" competition in various industries. Risks include potential delays in high-frequency data updates.