E-commerce, rural shoppers boost China’s retail sales in May
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Retail sales in China for the month of May witnessed double-digit growth, pushed on by incredible growth in online consumer purchases and rural shoppers, according to local data released this week.
Online sales grew 26.5% in May, accounting for 13.2% of total retail sales
China’s retail sales jumped 10.7% last month, hitting RMB2.95 trillion (US$434.2 billion), reported the National Bureau of Statistics (NBS).
Despite the yearly leap, China’s sales growth remained steady from April, just surpassing the median estimate of 10.6% growth from economists surveyed by Reuters.
The biggest mover and shaker was online sales, which grew 26.5% in May, accounting for 13.2% of total retail sales. This figure compared to growth of 25.9% for the four months ended April. But sales growth at larger enterprises remained flat from April at 10.7%, said NBS.
By location, Chinese consumption was stronger in rural areas, with retail sales increasing 12.7% last month, besting urban areas, which recorded a retail sales climb of 10.4%.
Moreover, China’s industrial production was also steady in May, growing 6.5% year on year, and exceeding expectations it would slow to 6.3%, reported the Financial Times.
Questions & Answers
Q.Which specific areas of China saw the most significant growth in retail sales during May?
Which specific areas of China saw the most significant growth in retail sales during May?
Consumption was stronger in rural areas, where retail sales increased by 12.7%. This figure was higher than the 10.4% retail sales climb recorded in urban areas for the same month.
Q.How did online sales contribute to the overall retail sales performance in May?
How did online sales contribute to the overall retail sales performance in May?
Online consumer purchases saw incredible growth, rising by 26.5% in May. These sales accounted for 13.2% of China's total retail sales, making them the biggest factor in the overall increase.
Q.What was the total value of retail sales in China for May?
What was the total value of retail sales in China for May?
China's total retail sales for May reached RMB2.95 trillion, which is equivalent to US$434.2 billion. This figure represents a 10.7% jump compared to the previous year.
Q.How did the growth in sales at larger enterprises compare to the overall retail sales growth?
How did the growth in sales at larger enterprises compare to the overall retail sales growth?
Sales growth at larger enterprises remained flat from April, recording a 10.7% increase. This matches the overall percentage growth for China's retail sales last month, which also stood at 10.7%.
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