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China's retail sales see uplift in early 2024
19 Mar '24
1 min read
Pic: Adobe Stock
Insights
- In the first two months of 2024, China's retail sales of consumer goods rose by 5.5 per cent YoY.
- Urban retail sales matched this growth at 5.5 per cent, while rural areas saw a slightly higher increase of 5.8 per cent.
- Online retail sales experienced a significant boost, jumping 15.3 per cent, with sales of physical goods online growing by 14.4 per cent.
China’s retail sales of consumer goods—a critical barometer for gauging the country's consumption vitality—witnessed a notable increase of 5.5 per cent in the initial two months of 2024 compared to the same timeframe last year, according to the data released by the National Bureau of Statistics.
The country’s urban regions recording a 5.5 per cent year-on-year (YoY) increase in retail sales. Meanwhile, rural areas outpaced slightly, showing an expansion rate of 5.8 per cent.
Online retail sales soared by a 15.3 per cent year on year. Within this segment, the sale of physical goods online rose by 14.4 per cent, now representing 22.4 per cent of the total retail sales of consumer goods.
Fibre2Fashion News Desk (DP)
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