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Consumption patterns changing

China Daily | Updated: 2016-10-12 06:56

According to official statistics, China's tourism income increased to 482 billion yuan ($72 billion) and the sales volume reaped by its retail and catering enterprises amounted to 1.2 trillion yuan during the just-concluded seven-day National Day holiday, an increase of 14.4 percent and 10.7 percent year-on-year.

The steady growth in the domestic consumption market over the past years has resulted in China's economic structure becoming more services-oriented, and personalized, differentiated, diversified and high-end consumption has become ever more popular.

As a result, the service sector is playing an increasingly important role in China's economic growth. In the first half of 2016, final consumption contributed 73.3 percent to the country's GDP growth and the tertiary industry accounted for 54.1 percent of GDP. The growth of services has become particularly obvious with the government accelerating urbanization.

Consumption patterns changing

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