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

Source:China Sport ShowRelease time:22-Jan-2024Clicks:

Article From：fibre2fashion

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.