China’s retail sector has shown a robust performance in the first half of the year, with total retail sales of consumer goods reaching 22.76 trillion yuan ($3.5 trillion), marking an 8.2% year-on-year increase. This growth rate is 2.4 percentage points faster than the first quarter.
Urban areas accounted for the lion’s share of sales, with retail sales hitting 19.75 trillion yuan, up 8.1% year-on-year. Meanwhile, rural areas saw a slightly higher growth rate of 8.4%, with sales reaching 3.01 trillion yuan.
Breaking down the sales by consumption patterns, goods retailed for 20.33 trillion yuan, a 6.8% increase, while catering income surged 21.4% to reach 2.43 trillion yuan.
Sales of essential goods remained stable, with retail sales of clothes, shoes, hats, textiles, grain, oil, and food by enterprises above the designated size, increasing by 12.8% and 4.8%, respectively.
Meanwhile, sales of luxury goods saw rapid growth. Retail sales of gold, silver, jewelry, sports and recreation goods, and cosmetics by enterprises above the designated size rose by 17.5%, 10.5%, and 8.6% respectively.
E-commerce also continued its upward trajectory, with online retail sales reaching 7.16 trillion yuan, a 13.1% year-on-year increase. Of this, the online retail sales of physical goods were 6.06 trillion yuan, up 10.8%, accounting for 26.6% of the total retail sales of consumer goods.
In June alone, the total retail sales of consumer goods rose by 3.1% year on year, or up by 0.23% month on month, underscoring the sustained momentum in China’s retail sector.
China Online Retail Sales Grew 8.6% in Q1 2023
China’s retail industry experienced robust growth in March, with total retail sales of consumer goods reaching 3,785.5 billion yuan, reflecting a year-on-year increase of 10.6%, according to data from National Bureau of Statistics of China.
Retail sales of consumer goods, excluding motor vehicles, rose by 10.5% to 3,359.1 billion yuan.
Between January and March, total retail sales of consumer goods amounted to 11,492.2 billion yuan, marking a 5.8% increase year-on-year. Retail sales of consumer goods other than motor vehicles reached 10,409.4 billion yuan, up 6.8%.
Urban areas witnessed a 10.7% year-on-year increase in retail sales of consumer goods, totaling 3,286.8 billion yuan in March, while retail sales in rural areas rose by 10.0% to 498.7 billion yuan.
In Q1 2023, China retail sales in urban areas increased by 5.7% to 9,966.4 billion yuan, and by 6.2% to 1,525.8 billion yuan in rural areas.
In March, commodity retail sales reached 3,414.8 billion yuan, a 9.1% year-on-year increase, while the catering industry’s income grew by 26.3% to 370.7 billion yuan.
Between January and March, commodity retail sales rose by 4.9% to 10,278.6 billion yuan, and the catering industry’s income increased by 13.9% to 1,213.6 billion yuan.
Different retail formats experienced varying growth rates from January to March. Retail sales in supermarkets, convenience, professional, specialty, and department stores increased by 1.4%, 8.8%, 5.7%, 0.2%, and 9.2% year-on-year, respectively.
Online retail sales saw a significant boost during the first quarter, with a year-on-year increase of 8.6% to 3,286.3 billion yuan.
Online retail sales of physical commodities reached 2,783.5 billion yuan, up 7.3%, accounting for 24.2% of the total retail sales of social consumer goods. Online retail sales of food, clothing, and consumer goods grew by 7.3%, 8.6%, and 6.9%, respectively.