China’s ‘golden week’ consumers unwilling to shell out as hairy crab prices tumble

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.

But falling prices have raised concerns, since the seven-day holiday, which started on Tuesday, is often seen as an important time of the year to gauge China’s domestic demand, including retail and box office sales, tourism and catering.

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.

“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.