China's consumer market continues recovery with increased retail sales

BEIJING, Sept. 14 (Xinhua) -- China's consumer market has maintained stable recovery this year with expanding retail sales, official data showed Saturday.

Retail sales of consumer goods went up 2.1 percent year on year in August, the National Bureau of Statistics (NBS) said in a statement.

Rural consumption gained 3.9 percent last month from a year ago and the catering sector saw its revenue rise by 3.3 percent -- well above the average level, according to the data.

In terms of products, sales of communications equipment climbed 14.8 percent, while sales of cereals, oil and food went up by 10.1 percent. Medicine sales increased by 4.3 percent, and that of home appliances and audio and video products rose by 3.4 percent.

In the first eight months of 2024 combined, retail sales of consumer goods increased 3.4 percent compared to a year earlier.

Online sales remained a bright spot, rising by 8.9 percent year on year in the January-August period. In particular, sales of physical goods increased by 8.1 percent and accounted for a quarter of total retail sales.

Commenting on the data, NBS spokesperson Liu Aihua highlighted the recovery trend of the consumer market, especially in services, new-type consumption and online sales.

Recent vibrant summer travel and strong cultural and tourism demand underlined the great potential of service consumption, while digital and green consumption also emerged as a new fashion and favorites of consumers, Liu said.

China has rolled out an array of measures to boost consumption this year, including a program promoting large-scale equipment upgrades and consumer goods trade-ins. Recently, the government further stepped up efforts to encourage the purchase of automobiles and home appliances, among others.

While recognizing policy impacts, Liu also said that consumption recovery still faces restraints, prompting authorities to channel even more energy into strengthening consumer sentiment and stimulating domestic demand.

The presence of improved government policies and better products and services on the market, means the potential of consumption will be unleashed at a faster pace and thus the consumer market will have a more solid foundation for recovery, Liu added.