Sales in the Chinese market stabilized and slowed in November, and officials said they had not seen "consumption downgrades"

Beijing, 15 Dec (China News Service) -- Although the growth rate of China's total retail sales of consumer goods slowed down year-on-year in November, Fu Linghui, spokesman for China's National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, said in Beijing on 15 December that there are still many favorable conditions for the recovery of the consumer market, and there is no change in "consumption downgrading".

The data picture shows a fair in Fuzhou, the anchor is live selling goods. Photo by Lu Ming, reporter of China News Service

According to the data released on the same day, in November, the total retail sales of consumer goods in China totaled 4,104.3 billion yuan, an increase of 3.9% year-on-year, down 1.0 percentage points from the previous month; the average growth rate of the two years was 4.4%, down 0.2 percentage points from the previous month.

Fu Linghui said at a press conference held by the State Council Information Office that the consumption situation in the past two years has often been disturbed by the epidemic, but overall the consumption upgrade trend has continued. From January to November, the retail sales of upgraded goods such as gold, silver and jewelry and cultural office supplies of units above designated size in China increased by 34.1% and 20.2% respectively year-on-year, which was significantly faster than the growth rate of retail sales of all goods.

For example, he said that although sales of automotive products declined in the first 11 months, it was important that the shortage of automotive chips led to a shortage of market supply. At the same time, we must also see that the production and sales of new energy vehicles in China have maintained rapid growth, with a year-on-year increase of more than 1 times, and the sales growth of high-end brands is also more obvious. From the perspective of future development, the trend of China's consumption scale expansion and consumption structure upgrading will not change.

In terms of the month of November, Fu Linghui pointed out that sales in the Chinese market have generally recovered, but due to the sporadic impact of the epidemic, it has shown a stable and slowing character. Specifically, the catering revenue has been affected by the epidemic more obviously, and the speed has changed from increasing to decreasing. Retail sales of goods remained generally stable, and in November, the retail sales of goods increased by an average of 5.3% in two years, 0.3 percentage points faster than the previous month.

In addition, online retail has maintained rapid growth. From January to November, China's online retail sales of physical goods increased by 13.2% year-on-year, accounting for 24.5% of the total retail sales of consumer goods.

Fu Linghui said that there are still many favorable conditions for the recovery of China's consumer market in the next stage. The employment situation remains stable, the profits of enterprises maintain relatively rapid growth, and the increase in residents' income is guaranteed; the market guarantees supply and stable prices are effective and effective, the overall consumer prices of residents are moderately rising, and consumption expectations are generally stable; the economy is gradually recovering and social security is constantly improving, which is also conducive to enhancing consumer confidence. (End)

Source: China News Network