As 2024 draws to a close, China’s consumer market is buzzing with activity, showing steady growth that highlights the nation’s economic resilience. From bustling online shopping sprees to vibrant offline marketplaces, consumers are spending more than ever.
Record-Breaking Retail Sales
Between January and November this year, China’s total retail sales of consumer goods neared an impressive 45 trillion yuan (approximately $6.25 trillion), marking a 3.5% increase compared to the same period last year. Key sectors like home appliances, automobiles, and home furnishings each surpassed sales of 1 trillion yuan. In a significant milestone, express delivery services handled over 150 billion items for the first time.
Online and Offline Markets Thrive
- Online retail sales exceeded 14 trillion yuan, up 7.4% year-on-year.
- Offline consumer activity saw a 6.2% annual growth.
- Consumer services activity jumped by 18.3%, with 12 provinces and cities experiencing growth rates over 20%.
The rise in consumption isn’t just a city phenomenon. With nearly 3,000 county-level e-commerce and logistics centers established, over 100 million express packages are moving in and out of rural areas daily, bridging the urban-rural divide.
Services Sector Boosts Economy
The services industry is a significant player in this growth narrative. From dining and hospitality to cultural and creative services, the sector’s retail sales grew by 6.4% year-on-year, outpacing goods retail sales by 3.2 percentage points. This surge underscores a shift towards experience-based consumption among Chinese consumers.
Policies Fueling the Surge
The government’s proactive policies have been pivotal in stimulating consumption. This year’s initiatives focused on enhancing people’s livelihoods and encouraging spending. At the recent Central Economic Work Conference, leaders emphasized the importance of boosting consumption and investment efficiency. Plans include innovating diverse consumption scenarios, expanding service consumption, and promoting cultural and tourism industries.
Looking Ahead
With these positive trends, China’s consumer market is poised for continued growth into 2025. The focus on domestic demand and consumer spending not only bolsters the economy but also offers exciting opportunities for industries and consumers alike.
Reference(s):
cgtn.com
