China retail sales surges in October
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Official figures for China retail sales show an 8.6 per cent year-on-year increase in October. That’s a little shy of the 9.2 per cent achieved in September and the same pace of growth for the first 10 months of the year.
The data was released by the National Bureau of Statistics (NBS), which blamed the slowing growth rate on delayed consumption ahead of the 11.11 Singles Day shopping festival. Many products sold on Singles Day are pre-ordered, but not settled until the 24-hour sale commences, to boost the event’s topline figure.
The NBS said sales in rural areas rose by 9.7 per cent in October, a faster rate than the 8.4 per cent in urban areas.
Online spending soared 25.5 per cent to reach RMB 7 trillion during the first 10 months of this year.
Questions & Answers
Q.What was the retail sales growth rate in China for the first 10 months of the year?
What was the retail sales growth rate in China for the first 10 months of the year?
The retail sales growth rate for the first 10 months of the year was 8.6 per cent. This matches the year-on-year increase observed in October, as reported by the National Bureau of Statistics.
Q.Why did the growth rate of retail sales slow down in October compared to the previous month?
Why did the growth rate of retail sales slow down in October compared to the previous month?
The National Bureau of Statistics attributed the slowing growth rate to delayed consumption. Many shoppers postponed purchases in anticipation of the 11.11 Singles Day shopping festival, impacting October's figures.
Q.How much did online spending increase during the first 10 months of this year?
How much did online spending increase during the first 10 months of this year?
Online spending saw a significant increase, soaring by 25.5 per cent during the first 10 months of this year. This rapid growth pushed the total online spending figure to reach RMB 7 trillion.
Q.Which area experienced faster retail sales growth in October, rural or urban?
Which area experienced faster retail sales growth in October, rural or urban?
Sales in rural areas rose by 9.7 per cent in October, which was a faster rate of growth. In comparison, sales in urban areas increased by 8.4 per cent during the same month.
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