China's consumer market has become increasingly "warm"

Since the beginning of this year, China's consumer market has been heating up. From January to October, the total retail sales of consumer goods reached 39.896 trillion yuan, an increase of 3.5% year-on-year and 0.2 percentage points higher than that in the first nine months of the year. Retail sales of services increased by 6.5% year-on-year. It is particularly worth mentioning that, driven by favorable factors such as the policy of replacing old consumer goods with new ones, the National Day holiday and the "Double 11" promotion activities in advance, the social zero amount in October increased by 4.8%, 1.6 percentage points faster than the previous month, of which the growth of retail sales of goods accelerated by 1.7 percentage points.

Looking at the overall situation of the consumer market in the first 10 months of this year, Liu Xiangdong, deputy minister of the economic research department of the China International Economic Exchange Center, said in an interview with the International Business Daily reporter that with the continuous implementation of policies such as replacing old consumer goods with new ones and expanding service industry consumption, the recent consumer market continues to heat up, the growth rate of consumption of upgraded goods accelerates, and the retail sales of services continue to maintain rapid growth. Online consumption has become more active, especially in October, market sales have picked up significantly, consumer confidence and expectations have improved, and consumption has increased its role in driving the economy.

Relevant data show that as of early November, more than 30 million people across the country have participated in the trade-in of consumer goods, driving sales of more than 400 billion yuan. At the recent press conference held by the Ministry of Commerce on the replacement of old consumer goods, Li Gang, director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, introduced that since the beginning of this year, the Ministry of Commerce has issued a series of policy documents together with relevant departments to guide all localities to make good use of central finance and ultra-long-term special Treasury bond support funds. Coordinated and promoted the replacement of cars with "energy", household appliances with "wisdom", home improvement kitchen and bathroom with "renewal" and electric bicycles with old ones, and the work progressed smoothly and achieved positive results.

Resource: 中国经济网