• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

China's retail sales of consumer goods up 7.2% in 2023

18 Jan '24
2 min read
Pic: Heorshe - stock.adobe.com
Pic: Heorshe - stock.adobe.com

Insights

  • China's retail sales of consumer goods soared 7.2 per cent to 47.15 trillion yuan in 2023, a record high as per the NBS.
  • December saw a 7.4 per cent year-on-year increase.
  • Online retail sales surged 11 per cent to 15.43 trillion yuan, with physical goods sales growing 8.4 per cent.
  • The country's value-added industrial output rose 4.6 per cent year-on-year.
China experienced robust growth in retail sales of consumer goods in 2023, marking a significant increase of 7.2 per cent to 47.15 trillion yuan (approximately $6.63 trillion) compared to the previous year, according to the National Bureau of Statistics (NBS).

In December alone, retail sales saw a 7.4 per cent year-on-year increase and a 0.42 per cent rise from the previous month. A notable contributor to this growth was the surge in online retail sales, which jumped 11 per cent to 15.43 trillion yuan. Online sales of physical goods were particularly strong, growing 8.4 per cent year on year to 13.02 trillion yuan, and accounting for 27.6 per cent of total consumer goods sales.

Alongside retail, China's industrial sector also showed positive trends. The value-added industrial output, a key economic measure, rose 4.6 per cent year on year. In December, this figure increased by 6.8 per cent from the same month in the previous year and 0.52 per cent from November, as per the NBS.

In November, the country saw a continuous rise in industrial profits, increasing by 29.5 per cent year on year. This marked the fourth consecutive month of growth. Additionally, industrial capacity utilisation rates improved steadily throughout the year, reaching 75.9 per cent in the fourth quarter, up from 75.6 per cent, 74.5 per cent, and 74.3 per cent in the preceding quarters.

Fibre2Fashion News Desk (DP)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search