China's consumer market has demonstrated steady growth throughout 2024, nearing 45 trillion yuan ($6.25 trillion) in total retail sales from January to November, marking a 3.5% increase year on year, according to China Central Television.
Policymakers are ramping up efforts to boost consumer spending, aiming to drive the country's economic expansion.
The vibrancy of both online and offline consumer markets remains strong. Sales of home appliances, automobiles, and home furnishings each surpassed 1 trillion yuan, while the annual express delivery volume exceeded 150 billion items for the first time.
Official data for the first eleven months highlights a rise in overall consumption:
- Online retail sales exceeded 14 trillion yuan, up 7.4% year on year;
- China's offline consumer activity index grew by 6.2% annually;
- The consumer services activity index surged by 18.3% year on year, with 12 provinces and cities experiencing growth rates above 20%.
Reference(s):
cgtn.com
