Retail

China's retail sales up 4.9% in Oct 2021: NBS

16 Nov '21

1 min read

Pic: Tktktk | Dreamstime.com

China's retail sales of consumer goods rose by 4.9 per cent year on year (YoY), totalling around 4.05 trillion yuan (about $633 billion) in October, according to the National Bureau of Statistics (NBS), which said the figure increased by 9.4 per cent over October 2019, putting the two-year average growth at 4.6 per cent.

In the January-October period, China's total retail sales of consumer goods stood at 35.85 trillion yuan, up by 14.9 per cent YoY.

The October figure reflects resilience in China's consumption recovery, highlighting a steady rebound in the sales of consumer goods, as well as the strong internal impetus and new consumption patterns supporting the growth, said NBS spokesperson Fu Linghui.

In the first 10 months, China's online retail sales rose by 17.4 per cent YoY to reach about 10.38 trillion yuan, NBS data showed.

But, the complex and rapidly changing international environment, the raging pandemic and the sporadic resurgence of domestic COVID-19 cases are still restricting consumption activities that require contact, Fu cautioned.

He, however, expressed confidence that China's economic recovery, employment expansion, residential income increase and improvement in the social safety net will sustain growth in consumption, according to information on a Chinese government website.

Fibre2Fashion News Desk (DS)

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