China’s government officials and state-owned company heads cut back spending on lunar new year meals, drinks and gifts in response to Beijing’s frugality campaign, according to the ministry of commerce.
Expensive restaurants and luxury brands reported a sharp fall in sales as officials obeyed orders to reduce conspicuous consumption, which Beijing believes inflames resentment against the government.
Xinhua, the state news agency, reported that the revenue of upmarket restaurants – where meals can cost from Rmb300 ($48) to thousands of renminbi per person – dropped 35 per cent in Beijing, 20 per cent in Shanghai and 30 per cent in the eastern port city of Ningbo during the peak new year banqueting season.
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