China’s falling sales of mooncakes – a must-have product when families reunite for the Mid-Autumn Festival – has spelled more worries about the country’s weak consumption and also the national economy.
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The volume of mooncake sales this year had dropped about 6 per cent from a year earlier to 300,000 tonnes, according to a market trend report released by the China Association of Bakery and Confectionery Industry last month.
The sales revenue was estimated to have declined by about 9 per cent to 20 billion yuan (US$2.82 billion), it added.
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Mid-Autumn Festival, which fell on Tuesday, is usually an important occasion to gauge national consumption, including retail goods sales, travel, box office and catering.
This is the second straight year that the mooncake market has gone cold.