Retail Sales up by 22%
Amid inflation at a decade-high level, China saw a record high of 22% increase in its retail sales in April from a year earlier, as consumers are paying more for basic necessities and are more willing to spend in the face of rising inflation.
According to the National Bureau of Statistics, sales of foodstuffs and beverages climbed 25.3% year-on-year, with spending on grain and edible oil surging by 36.3%.
Paying more for daily necessities, consumers are also encouraged to spend more on durable and luxury goods. The April report demonstrates that sales in furniture, automobiles, gold and silver jewelry increased 37.2%, 25.7% and 41% respectively. Behind the robust growth is the Chinese people’s increasing willingness to consume in a high-inflation environment.
China remains a huge potential market, especially its consumer market, as the Chinese people nowadays grow stronger in terms of their purchasing power and their willingness to consume. For business people and enterprises interested in exploring the Chinese market, BPOVIA Ltd based in China, with its professional consultation and virtual assistance services, is always ready to provide clients with seamless experiences in the process.
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