In 2023, China s consumer market will continue to recover and rebound

Mondo Finance Updated on 2024-02-11

According to data released by the National Bureau of Statistics a few days ago, in 2023, the total retail sales of consumer goods will 471495 billion yuan, an increase of 7 over the previous year2%, the scale hit a record high. In terms of quarters, the total retail sales of consumer goods in the fourth quarter increased by 8% year-on-year3%, the growth rate is 41 percentage point.

Yu Bingbin, deputy director of the Department of Foreign Economic Cooperation of the National Bureau of Statistics, said that under the promotion of a series of policies, the main body of the commercial and trade circulation industry has actively adapted to the changes in residents' consumption concepts and needs, continuously optimized the means and content of business, and strived to realize the integration and innovation of consumption scenarios, driving the emergence of new forms of consumption and new hot spots. In particular, e-commerce live streaming is booming and will maintain rapid growth in 2023.

Service retail sales continued to recover rapidly, and the cultural and tourism consumer market rebounded significantly. In 2023, retail sales of services increased by 20 percent compared to the previous year0%, the growth rate is 05 percentage points, 1 percentage point faster than the first three quarters1 percentage point. The growth rate of retail sales of services was 14 percent higher than that of retail sales of goods in the same period2 percentage points.

Residents' willingness to travel has increased, and the cultural tourism market continues to be hot, driving the rapid growth of consumption of services such as accommodation, catering, transportation, and cultural tourism. In 2023, the national catering revenue will increase by 204%。Among them, catering revenue in December increased by 30% year-on-year0%, the growth rate was 4 percent faster than in November2 percentage points. For the whole year, the room revenue of accommodation units above designated size achieved double-digit growth.

Online consumption grew rapidly, and retail sales in physical stores continued to recover. In 2023, online retail sales of physical goods increased by 84%, the growth rate was 2 faster than that of the previous year2 percentage points. It accounted for 27 percent of the total retail sales of consumer goods6%, an increase of 04 percentage points. The retail sales of physical stores above designated size increased by 5 percent over the previous year0%, of which the retail sales of convenience stores, department stores, specialty stores, and brand stores increased respectively9% and 45%。

Kang Yi, director of the National Bureau of Statistics, said that with the continuous recovery of the economy and the overall improvement of the employment situation, residents' income is expected to maintain stable growth, which will strongly support the improvement of residents' consumption capacity. All localities and departments have persistently given priority to the recovery and expansion of consumption, and have successively introduced a series of policies to promote consumption, which will continue to play a positive role in stabilizing the consumer market and promoting the recovery of consumption.

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