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MIL OSI Translation. Region: Peoples Republic of China-China Statistical Information Network-Chinese-

Market sales rebounded steadily and consumption structure continued to optimize

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——Zhang Min, a statistician from the Department of Trade and Foreign Economic Relations of the National Bureau of Statistics, interpreted the data of total retail sales of consumer goods in November

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With the continuous and stable recovery of the national economy, the promotion of consumption policies continued to exert force, the consumption demand of residents was steadily released, the market sales growth accelerated in November, and the retail structure of goods continued to be optimized; at the same time, driven by the “Double Eleven” shopping festival, new consumption patterns With rapid growth, the retail sales of online shopping-related commodities increased significantly.

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   1. The total retail sales of consumer goods accelerated and the consumer market recovered steadily

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   Market sales continued to rebound. In November, the total retail sales of consumer goods was 3951.4 billion yuan, an increase of 5.0% year-on-year, and the growth rate was 0.7 percentage points higher than that in October. Market sales have been growing positively year-on-year for four consecutive months. Excluding price factors, the total retail sales of consumer goods increased by 6.1% in real terms, 1.5 percentage points higher than in October.

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Figure 1 Growth rate of total retail sales of consumer goods in each month of 2020

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   The urban and rural markets recovered steadily. In November, retail sales of consumer goods in urban and rural areas increased by 4.9% and 5.6% year-on-year, respectively. The growth rate was 0.7 and 0.5 percentage points higher than that in October, respectively. Sales in urban and rural markets both increased year-on-year for four consecutive months. In November, the growth rate of rural consumer goods retail sales was 0.7 percentage points higher than that in urban areas, and the rural market recovered better than urban areas.

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   2. The growth of commodity retail continues to accelerate, and the scale of catering consumption is close to the same period

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   Commodity retail continued to improve. In November, the retail sales of goods increased by 5.8% year-on-year, and the growth rate was 1.0 percentage point faster than that in October, with a positive year-on-year growth for five consecutive months. Among them, the retail sales of commodities above designated size increased by 8.7% year-on-year, 1.5 percentage points faster than in October, and positive growth for seven consecutive months.

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   The scale of catering consumption is close to the same period. In November, catering revenue fell by 0.6% year-on-year, and the scale was basically the same as the same period last year. Driven by the National Day and Mid-Autumn Festival holiday factors, the catering revenue in October increased positively year-on-year for the first time in the year. Although catering revenue declined slightly this month, the overall catering consumption still maintained a stable recovery trend. In terms of cumulative growth rate, from January to November, catering revenue fell by 18.6% year-on-year, and the rate of decline narrowed by 2.4 percentage points from January to October.

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Figure 2 The growth rate of retail and catering revenue in each month of 2020

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   3. Commodity sales structure continued to be optimized, and automobile sales maintained rapid growth

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   Among the 18 commodity categories of units above designated size, the retail sales of 15 commodities have been increasing year-on-year, and the retail sales of 10 commodities such as automobiles have increased by double digits.

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   The retail sales of upgraded products have grown rapidly. In November, the retail sales of gold, silver, jewellery and sports entertainment products of units above designated size increased by 24.8% and 24.0% year-on-year, respectively, and the growth rate was 8.1 and 17.7% faster than that in October; the retail sales of cultural and office supplies increased by 11.2 year-on-year %, continue to maintain double-digit growth.

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  Automobile products maintain rapid growth. With the steady increase of consumer confidence and willingness to consume, demand for auto purchase and upgrades continues to be released, and auto sales continue to maintain double-digit growth. In November, the retail sales of automobile commodities of units above designated size increased by 11.8% year-on-year, and the growth rate was basically the same as in October, with double-digit growth for five consecutive months.

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   4. Online consumption continues to develop rapidly, and physical store retail is recovering steadily

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  The sales of online goods maintained rapid growth. From January to November, the national online retail sales increased by 11.5% year-on-year, and the growth rate was 0.6% faster than that from January to October. Among them, the online retail sales of physical goods increased by 15.7% year-on-year, which was significantly higher than the total retail sales of consumer goods in the same period. Among the online retail sales of physical goods, the retail sales of food and consumer goods increased by 32.9% and 17.1% respectively year-on-year, continuing to maintain rapid growth. Driven by factors such as the “Double Eleven” shopping festival and other online activities and new product launches, the growth rate of retail sales of goods related to online shopping has accelerated significantly. In November, the retail sales of cosmetics and communication equipment of units above designated size increased by 32.3% and 43.6% year-on-year, respectively, and the growth rate was 14.0 and 35.5 percentage points higher than that in October.

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   Physical store retail continued to recover. From January to November, the retail sales of supermarkets above designated size increased by 3.0% year-on-year, which was basically the same as from January to October; the decline in retail sales of department stores, specialty stores and specialty stores continued to narrow, which was 2.1% lower than that from January to October. 1.3 and 2.1 percentage points.

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   Overall, the consumer market continued to recover steadily in November, online consumption maintained rapid growth, the growth of upgraded products accelerated, and the product sales structure continued to be optimized. However, we must see that the new crown pneumonia epidemic is still spreading globally, the risk of sporadic cases and local outbreaks in the country still exists, and cluster and contact consumption still need to be further restored. In the next stage, we must persist in expanding the strategic basis of domestic demand and accelerate the cultivation and improvement of the domestic demand system. Continue to do a good job in the “six stability” work, fully implement the “six guarantees” task, implement the policies to help enterprises to relieve difficulties, continuously optimize the consumption environment, improve the quality of market supply, and stimulate the continuous release of consumption potential.

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI