The total retail sales of consumer goods in China have rebounded for three consecutive months
2023-11-23
On the 22nd, the person in charge of the Consumer Promotion Department of the Ministry of Commerce stated that the total retail sales of consumer goods in October reached 4.3 trillion yuan, a year-on-year increase of 7.6%, 2.1 percentage points faster than September, marking the third consecutive month of recovery; In the first 10 months, the cumulative amount was 38.54 trillion yuan, a year-on-year increase of 6.9%. The person in charge of the Consumption Promotion Department of the Ministry of Commerce introduced that all levels of commercial authorities have conscientiously implemented the decisions and deployments of the Party Central Committee and the State Council, and in accordance with the overall arrangement of the "2023 Consumption Boosting Year", seized the favorable time of the National Day holiday consumption peak season, accelerated the implementation of various consumption promotion policies and measures, actively organized and carried out activities such as the Golden Autumn Shopping Festival, the Home Furnishing New Consumption Season, and the New Energy Vehicle Consumption Season, optimized consumption supply, and innovated consumption scenarios, Boost consumer confidence and promote sustained recovery and expansion of consumption. The growth rate of commodity consumption has accelerated. In October, the retail sales of goods increased by 6.5% year-on-year, which was 1.9 percentage points faster than the previous month. Upgraded products such as outdoor sports, new electronic products, new energy vehicles, and smart appliances are showing good growth momentum. The retail sales of sports and entertainment products, communication equipment, cars, and home appliances in units above the designated size increased by 25.7%, 14.6%, 11.4%, and 9.6% year-on-year, respectively, 15.0, 14.2, 8.6, and 11.9 percentage points faster than the previous month. The sales of new energy vehicles increased by 33.5% year-on-year, accounting for 33.5% of new car sales. Service consumption is growing rapidly. In the first 10 months, the retail sales of services increased by 19% year-on-year. Driven by factors such as holiday effects, the consumption demand for services such as accommodation and catering, cultural tourism, and transportation is concentrated and released. In October, the catering revenue was 480 billion yuan, a year-on-year increase of 17.1%; The box office revenue of the movie exceeded 3.6 billion yuan, an increase of about 70%; The railway passenger transport volume and urban rail transit passenger transport volume increased by 195.6% and 55.8% respectively year-on-year. Online retail has shown good growth momentum. In the first 10 months, the online retail sales amounted to 12.3 trillion yuan, a year-on-year increase of 11.2%. Among them, the online retail sales of physical goods amounted to 10.3 trillion yuan, an increase of 8.4%, accounting for 26.7% of the total retail sales of consumer goods in society. Physical retail continues to recover. In the first 10 months, the retail sales of physical stores above the designated size increased by 4.3% year-on-year, an increase of 0.3 percentage points compared to the previous 9 months. Among them, the retail sales of convenience stores, department stores, specialty stores, and brand specialty stores increased by 7.3%, 7.2%, 4.7%, and 3.6% year-on-year, respectively. During the National Day holiday, the daily average passenger flow of demonstration pedestrian streets in China increased by 87.4% year-on-year, and the daily average passenger flow of key commercial districts in 36 large and medium-sized cities increased by 1.6 times year-on-year. (New News Agency)
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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