China’s retail sales during the first three quarters of this year saw a 16.4-per-cent year on year increase, reaching about 81.8 trillion yuan (US$4.9 trillion), with an average two-year growth of 3.9 per cent, according to the National Bureau of Statistics.
In September, the retail sales rose 4.4 per cent year on year and by 1.9 per cent month on month, standing at 6.68 trillion yuan.
During the first three quarters, while the retail sales of consumer goods rose 15 per cent year on year, the revenue of catering soared 29.8 per cent year on year. The double-digit growth in sales can be seen across most of the retail subcategories, including, fashion, jewellery, sports, F&B, cultural and office supplies.
Meanwhile, the online retail sales during the three quarters were up 18.5 per cent year on year, reaching 9.19 trillion yuan (US$0.5 trillion). Specifically, the online retail sales of physical goods surged by 15.2 per cent year on year, accounting for 23.6 per cent of the retail sales of consumer goods.