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China's retail sales increase 4.7% YoY in Q1 2024
17 Apr '24
1 min read
Pic: Adobe Stock
Insights
- In the first quarter of 2024, China's retail sales grew by 4.7 per cent year-on-year.
- Urban retail sales increased by 4.6 per cent, while rural sales saw a higher growth rate of 5.2 per cent.
- Online retail sales notably surged by 12.4 per cent, with physical goods sales up 11.6 per cent, now comprising 23.3 per cent of total consumer goods sales.
China’s consumer retail sales saw a robust increase of 4.7 per cent year-on-year (YoY) in the first quarter (Q1) of 2024, according to the National Bureau of Statistics. This growth underscores a steady demand across both urban and rural areas, with urban retail sales rising 4.6 per cent and rural sales climbing 5.2 per cent during the same period.
A notable surge was seen in the e-commerce sector, where online retail sales soared by 12.4 per cent YoY. Sales of physical goods online increased by 11.6 per cent, now representing 23.3 per cent of the total retail sales of consumer goods.
Fibre2Fashion News Desk (DP)
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