BusinessWeek reports that consumption in China is on the rise. China is currently in the midst of an eight-day holiday, which provides the only chance for the majority of Chinese people to travel. Many economists claim that China needs to shift its economy away from exports and to focus instead on domestic consumption.

BoA-Merrill Lynch economists released a report about the first days of the holiday, stating that the statistics and anecdotal evidence point to robust consumer spending in the Golden Week despite strong headwinds. According to a survey of 1,000 retailers conducted nationwide by the Chinese Ministry of Commerce, sales during the first three days of the holiday gained 15% to $2 billion compared to the previous year. The economists believe that the rest of the holiday will be good for retailers in anticipation of the 60th anniversary parade in Beijing.