Retail sales in China rise by 2.7 percent in July

(MENAFN) On Thursday, the National Bureau of Statistics (NBS) reported that China’s retail sales of consumer goods increased by 2.7 percent year on year in July, reaching nearly 3.78 trillion yuan, or about 528.82 billion U.S. dollars. This growth rate represents a 0.7 percentage point improvement over June's figures, indicating a modest acceleration in consumer spending.

In July, retail sales in urban areas totaled approximately 3.27 trillion yuan, marking a 2.4 percent year-on-year increase. Meanwhile, retail sales in rural areas amounted to 506.6 billion yuan, reflecting a stronger growth of 4.6 percent compared to the previous year. The total catering revenue for July was 440.3 billion yuan, up 3 percent year on year, highlighting a steady demand in the food services sector.

For the first seven months of 2024, retail sales grew by 3.5 percent year on year, totaling over 27.37 trillion yuan. Online retail sales, driven by sales promotions and new e-commerce models, rose by 9.5 percent year on year during the same period. Online sales of physical goods increased by 8.7 percent, accounting for 25.6 percent of total retail sales, underscoring the growing significance of e-commerce in China’s retail landscape.

The NBS also highlighted that services consumption is a notable area of growth, with retail sales of services expanding by 7.2 percent year on year in the first seven months. Additionally, industrial output in China increased by 5.9 percent year on year during the same period, and fixed-asset investment saw a 3.6 percent rise, reflecting broader economic activity and investment in infrastructure and industry.

MENAFN15082024000045015839ID1108557830