November Saw Highest Retail Sales Growth for Consumer Goods
Retail sales growth of consumer goods in China went up 11.2 percent year on year in November the highest monthly growth this year so far. As November holding a successful online shopping festival namely Singles Day, the total retail sales of consumer goods stands at 2.79 trillion yuan. for the eleven month which ended November, total sales increased by 10.6 percent compared to the year earlier to 27.23 trillion yuan which is unchanged from the growth for the first ten months.
Last November 11 or Singles Day a nationwide shopping spree saw Tmall’s online sales jumped 60 percent, reaching 91.2 billion. Although much smaller in volume JD.com saw 32 million order placed during that day up by 130 percent compared to last year. during the first 11 months online sales surged 34.5 percent year on year or around 3.45 trillion yuan which is 12.6 percent in gross retail sales.
The National Bureau Statistics figures also showed retail sales in the rural areas in china increase by 12.2 percent outpacing the rate of 11 percent of sales that was seen in urban areas. The strong retail sales is an indication that pro-consumption policies are slowly taking effect, and is offering a relief for policy makers as they are trying to restructure the Chinese economy into a more consumption and service driven model that will sustain growth even at a slower rate.