As 2024 draws to a close, China’s consumer market continues to demonstrate steady growth, signaling robust economic expansion in the region. Recent reports from China Central Television highlight a vibrant online and offline consumer landscape, with policymakers pledging intensified efforts to spur spending.
From January to November this year, China’s total retail sales of consumer goods approached a staggering 45 trillion yuan ($6.25 trillion), marking a 3.5 percent increase year on year. Key sectors such as home appliances, automobiles, and home furnishings each surpassed sales of 1 trillion yuan, reflecting strong consumer confidence and demand. Additionally, the annual express delivery volume exceeded 150 billion items for the first time, underscoring the booming e-commerce and logistics sectors.
Several data indicators showcase the overall rise in consumption during the first eleven months of the year:
- Online retail sales surpassed 14 trillion yuan, experiencing a year-on-year increase of 7.4 percent.
- Offline consumer activity index grew by 6.2 percent annually, indicating a resurgence in traditional retail and in-person shopping experiences.
- Consumer services activity index surged by 18.3 percent year on year, with twelve provinces and cities reporting growth rates above 20 percent, highlighting the expanding service sector.
The steady growth in China’s consumer market reflects the effectiveness of policy measures aimed at boosting domestic consumption. The significant increases across various sectors suggest a positive outlook for the country’s economic trajectory as it heads into the new year.
Reference(s):
cgtn.com
