China retail sales saw strong growth early 2022

China retail sales during the first two months of this year were up 6.7 per cent year on year, reaching US$1.1 trillion (7.4 trillion yuan), as the economy rebounded, according to the National Bureau of Statistics (NBS).

Sales for the two months were combined to remove any influence of the timing of the Lunar New Year holiday on comparative data, given the festival dates change each year. The combined sales figures were 5 per cent higher than for last December.

In particular, sales of goods increased 6.5 per cent, generating approximately $1 trillion (6.6 trillion yuan), while catering revenue was up by 8.9 per cent. Sales across gold, silver and jewellery, household appliances and audio-video equipment, cultural and office supplies, and daily necessities all saw a double-digit increase.

Meanwhile, the country’s e-commerce growth maintained its momentum, recording a 10.2-per-cent increase year on year at $306 billion (1.6 trillion yuan) in sales. The online retail sales of physical goods accounted for 22 per cent of the overall retail sales of consumer goods, up 12.3 per cent.

“Generally speaking, in the first two months, the economy enjoyed a good recovery momentum,” NBS said. “However, we must be aware that the external environment is still severe and complicated, and the national economic development is faced with mounting risks and challenges.”