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Jewellery demand picking up amidst epidemic


This year marked the longest Labor Day holiday, 1 – 5 May, in mainland China since 2008. According to China UnionPay’s report of 6 May, the total transaction made via the network during the holiday reached 1,570 billion yuan, up 7.7 percent from the Ching Ming holiday period. The number of transactions in the jewellery and handicraft category marked a 6-percent increase over the Ching Ming holiday. A strategy and consultancy firm said the best-performing brands in China recorded a year-on-year sale increase over the first four months this year, indicating the general consumption market in the country is reviving when the novel coronavirus epidemic is being contained.


Chen Han, data analysist of China UnionPay, said: “Our transaction data showed that consumption recovery levels varied from category to category, with some faring better than others. Consumptions on daily necessities including supermarket and department stores, together with hotels, restaurants and oil stations which are normally driven by holiday sales, already have achieved a better or same year-on-year performance, while the aviation, railway and public transport sectors are gradually restoring. Besides, consumption coupons co-issued by the government and local enterprises have helped consumers save money, while boosting the volume of transactions instead of money transactions during the Labor Day holiday over the China Ming period.”


According to the report from the bankcard association, the number of transactions for the spending on restaurants & hotels, supermarkets, large-scale home appliance shops & department stores, and jewellery & handicrafts recorded a sales increase during the Labor Day holiday over the Ching Ming period by 13 percent, 1.3 percent and 6 percent respectively, and an average of 10-percent up over the weekends in April.


In terms of geographical distributions, Hainan, Xizang, Qinghai, Guangxi, Xinjiang, Chongqing, Hunan and Hubei were the provinces witnessed the highest increase in the number of consumption transactions during the Labor Day holiday over the Ching Ming period, with an average of over 15 percent increase.


It is said that the satisfactory jewellery sales during the Labor Day holiday have resulted from people had stayed home for a long time amidst the pandemic when they had more time to bond with family. They went on shopping spree once the situation allowed, and bought jewellery either for themselves or for relatives and friends as a token of luck. Besides, during the epidemic many jewellery brands have strengthened online promotions to boost online sales. Some well-established brands would utilise the O2O channel to maximise sales. The issuance of consumption coupons by the government has come as a driving force to restore buying confidence and stimulus jewellery spending.        


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