Insights
- China's retail sales of consumer goods grew by 5.8 per cent YoY in Q1, amounting to 11.49 trillion yuan, according to the National Bureau of Statistics.
- The country's retail sales soared by 10.6 per cent YoY in March, with urban and rural retail sales growing by 10.7 per cent and 10 per cent, respectively.
- Online retail sales increased by 8.6 per cent YoY.
In the first quarter (Q1) of this year, China's retail sales of consumer goods saw a year-on-year (YoY) increase of 5.8 per cent to 11.49 trillion yuan (approximately $1.67 trillion), as per the National Bureau of Statistics (NBS). The country’s retail sales soared by 10.6 per cent YoY in March alone.
Urban retail sales in March amounted to nearly 3.29 trillion yuan, a YoY increase of 10.7 per cent, while rural retail sales increased by 10 per cent YoY. In March, retail sales of goods grew by 9.1 per cent YoY, reaching around 3.41 trillion yuan.
In Q1 FY23, online consumption remained strong, with online retail sales growing by 8.6 per cent YoY, totalling about 3.29 trillion yuan in the first three months.
China's retail sales of consumer goods grew by 5.8 per cent YoY in Q1, amounting to 11.49 trillion yuan, according to the National Bureau of Statistics.
The country's retail sales soared by 10.6 per cent YoY in March, with urban and rural retail sales growing by 10.7 per cent and 10 per cent, respectively.
Online retail sales increased by 8.6 per cent YoY.
The overall consumption has shown a recovery momentum since the beginning of this year, with steady growth in goods sales, faster growth in online and offline consumption, and increased propensity to consume among people, said Chinese media reports quoting NBS spokesperson Fu Linghui.
Fibre2Fashion News Desk (DP)
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