BEIJING, Oct 3 — Prices for hairy crabs — one of the most popular gifts handed out during China’s ongoing “golden week” National Day holiday have dipped as a result of...
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Since the start of the seven-day holiday on Tuesday, plummeting prices are becoming a concern as the period is often seen as an important time of the year to gauge China’s domestic demand, including in retail and box office sales, tourism and catering. Many customers shared that their businesses – either domestic or export – is bad and the budget for gift giving has been reduced by half or more.
Although prices shown on gift certificates are the same as last year, actual selling prices have been discounted by at least 50 per cent. Hairy crabs are being sold via various live commerce platforms, but prices are expected to fall further in late October due to increased supplies., hairy crabs are being sold at wholesale markets for about 60 yuan to 100 yuan per kilogram in Zhejiang, down by about 20 per cent from mid-September.
Consumption contributed 60.5 per cent of gross domestic product growth in the first half of the year.
Unwilling To Shell Out More As Hairy Crab Prices Tumble During China’S ‘Golden Week’
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