Retail

China's retail sales jump by 5.4% YoY in August 2022: NBS

17 Sep '22

1 min read

Pic: Shutterstock/ Sorbis

China’s retail sales of consumer goods reflected a surge of 5.4 per cent year-on-year (YoY) in August 2022, according to data released by the National Bureau of Statistics (NBS). The nation earned 3.63 trillion yuan (around $523.2 billion) from retail sales of consumer goods in August 2022. Retail sales are a key indicator of a country’s consumption strength.

Retail sales in China increased by 0.5 per cent YoY to 28.26 trillion yuan from January to August 2022 compared to a decrease of 0.2 per cent from January to July 2022. Online sales have played a huge part in the rise of retail sales in the country.

The online sale of physical goods reached up to 5.8 per cent YoY during the January-August 2022 period, which accounted for 25.6 per cent of China’s total retail sales, according to various Chinese media reports.

NBS spokesperson Fu Linghui credits the faster development of China’s economy to enhanced market demand supported by pro-consumption measures. “This shows that China has great demand potential. With pro-consumption policies, there are conditions and foundations for a gradual recovery in consumption,” said Fu.

Fibre2Fashion News Desk (NB)

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