Although the growth rate of market sales fell in November, the overall recovery trend remained unchanged

Source: Statistical WeChat

Although the growth rate of market sales fell in November

However, the overall recovery has not changed

-- Fu Jiaqi, statistician of the Department of Trade and Foreign Economics of the National Bureau of Statistics

Interpret the total retail sales of consumer goods in November

In November, due to the multi-point sporadic epidemic and other factors, the growth rate of market sales has declined, but the retail sales of basic living and some upgraded goods have a better growth trend. From the cumulative point of view, the total retail sales of social consumer goods from January to November maintained double-digit rapid growth, online consumer demand continued to be released, and the consumer market continued to recover.

First, the growth rate of market sales has declined, and the overall recovery of the consumer market has not changed

The impact of the epidemic on the consumer market is more obvious. In November, the outbreak of the new crown pneumonia epidemic in many parts of the country had a great impact on residents' consumption, especially those such as catering, and the growth rate of market sales slowed down. In November, the total retail sales of consumer goods increased by 3.9% year-on-year, a growth rate of 1 percentage point lower than in October, of which catering revenue turned from growth to decline.

Market sales generally maintained a recovery trend. In November, the total retail sales of consumer goods increased by an average of 4.4% in two years, basically the same as the previous month. From January to November, the total retail sales of consumer goods increased by 13.7% year-on-year, still maintaining rapid growth, and the average growth rate of the two years was the same as that of January to October.

Second, the retail sales of goods have grown steadily, and the growth rate of consumption of basic life and some upgraded commodities has accelerated

Retail sales of goods maintained steady growth. In November, retail sales of goods increased by 4.8% year-on-year, an average growth rate of 5.3% in two years, and an average growth rate of 0.3 percentage points faster than that of the previous month. From the perspective of commodity categories, most categories such as daily necessities and automobiles in the retail sales of units above designated size have accelerated or narrowed year-on-year. From the cumulative point of view, the retail sales of goods from January to November increased by 12.8% year-on-year, maintaining rapid growth.

The sales growth of the basic living commodity market is relatively good. In November, the retail sales of grain, oil and food commodities above designated size increased by 14.8% year-on-year, an increase of 4.9 percentage points over the previous month; the retail sales of daily necessities increased by 8.6%, accelerating by 5.1 percentage points; and the retail sales of clothing commodities fell by 0.5%, a decline of 2.8 percentage points narrower than the previous month.

Retail growth of some upgraded goods accelerated. In November, the retail sales of cultural office supplies and cosmetics products of units above designated size increased by 18.1% and 8.2% year-on-year, respectively, and the growth rate was 6.6 and 1 percentage point faster than that of the previous month, respectively. The decline in sales narrowed as chip supply improved and the supply of automotive products increased. In November, the retail sales of automobile products above designated size fell by 9% year-on-year, a decline of 2.5 percentage points narrower than the previous month. According to data from the China Automobile Dealers Association, in November, the retail sales of passenger cars fell by 12.7% year-on-year, a decline of 1.3 percentage points narrower than the previous month.

Third, online consumer demand continued to be released, and the growth rate of physical retail formats such as supermarkets accelerated

Online retail sales maintained rapid growth. From January to November, the online retail sales of physical goods nationwide increased by 13.2% year-on-year, an average growth of 14.4% in two years, and online consumer demand continued to be released. Among them, the online retail sales of eating, wearing and using goods increased by 18.8%, 11.1% and 13.1% respectively year-on-year. The trade-in transactions between old and new in the "Double Eleven" shopping festival have increased significantly, and green and low-carbon consumption trends such as "substitution for abandonment" and "minimalist packaging" have gradually emerged. Judging from the development of the postal express industry, which is closely related to online shopping, the national express delivery business volume increased by 15% year-on-year in November, and the cumulative express delivery business volume exceeded 90 billion pieces.

Retail sales in supermarkets, convenience stores and other formats are rising steadily. From January to November, among the retail sales of units above designated size, the retail sales of supermarkets and warehousing member stores increased by 6.4% and 14.5% respectively year-on-year, and the growth rate was 0.4 and 1 percentage point faster than that of January to October, respectively; the growth rate of retail sales of convenience stores was the same as that of January to October, and still maintained double-digit rapid growth.

In November, factors such as the epidemic had a certain impact on market sales, but the overall recovery of the consumer goods market did not change. As the epidemic prevention and control becomes more accurate and effective, the consumption environment continues to improve, and the policy of promoting consumption gradually becomes effective, the resilience of the consumer market will continue to appear, and the domestic consumption potential is expected to continue to be released. Read the original article ↓↓↓