Online retail sales in China surge by 11.5 percent in first 4 months
Date
5/22/2024 8:51:15 AM
(MENAFN) Official data released on Tuesday indicates that China's online retail sector continued its steady growth trajectory in the first four months of 2024, fueled by emerging trends that are driving consumer spending. According to the Ministry of Commerce, online retail sales in the country surged by 11.5 percent year-on-year, reaching a total of 4.41 trillion yuan (approximately 620.52 billion U.S. dollars) during this period.
Breaking down the figures, online retail sales of physical goods experienced a notable increase of 11.1 percent year-on-year, reaching 3.74 trillion yuan. These online sales accounted for 23.9 percent of China's total retail sales of consumer goods, underscoring the significant role of e-commerce in the country's retail landscape.
Moreover, the consumption of key online services monitored by the ministry recorded a substantial year-on-year growth rate of 25.1 percent during the same period. Additionally, there was notable growth in the consumption of digital, green, and health-related products, reflecting shifting consumer preferences towards more sustainable and wellness-oriented goods.
In April specifically, China witnessed a notable uptick in online sales of home appliances and furniture, which increased by 9.3 percent and 12.2 percent, respectively. This growth was supported by the country's consumer goods trade-in policy, which likely incentivized purchases in these categories.
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