China’s ‘golden week’ consumers unwilling to shell out as hairy crab prices tumble
Falling prices of hairy crabs has raised concerns as the seven-day ‘golden week’ holiday is seen as an important time to gauge China’s domestic demand
Prices of one of the most popular gifts handed out during China’s ongoing “golden week” National Day holiday have fallen under continued weak consumer spending.
Hairy crabs are enjoyed for their exceptional flavour and quality, and have long been seen as an ideal gift for companies and wealthy individuals to present to important clients and officials.
Hairy crabs, which are also known as mitten crabs, are palm-sized crustaceans named after their furry claws, which look like fuzzy mittens. Some of the most famous come from Yangcheng Lake in the eastern province of Jiangsu.
And although the supply of hairy crabs has dropped by about 10 per cent this year compared to a year earlier due to high temperatures and typhoons, dealers expect the retail price of the expensive Yangcheng Lake hairy crabs to remain the same or to even fall.
Many customers told us that their business – either domestic or export – is bad and the budget for gift giving has been reduced by half or more
“We have had to reduce the price of gift certificates this year,” said Liang Qing, a hairy crab dealer focusing on the affluent Pearl River Delta market.
