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Market Sales Kept Rapid Growth in October – Interpretation of Total Retail Sales of Social Consumer Goods

Submit Time:22-12-2016 | Zoom In | Zoom Out

Author:Lin Tao | Source:National Bureau of Statistics

Abstract:

1. Retail sales of consumer goods maintained double-digit growth despite slight fall 

  

With regard to the data of a single month, total retail sales of social consumer goods increased by 10% in October on a year-on-year basis. Although the growth fell by 0.7 percentage point than in September and fell by 0.4 percentage point than from January to September, it still maintained double-digit growth. With regard to the aggregate data, total retail sales of social consumer goods increased by 10.3% from January to October on a year-on-year basis. Although the growth fell only by 0.1 percentage point than from January to September and fell by 0.3 percentage point than in the same period last year. 

  

2. Retail sales of consumption upgrade related goods grew at an accelerated pace and the online retail market share continued to increase 

  

(1) Some consumption upgrade related goods were sold well. In October, retail sales of sports and entertainment goods as well as cultural and office goods (including computer goods) of enterprises above designated size increased by 9.4% and 12.7%, respectively, both up 2.3 percentage points over the previous month. According to data of the China Passenger Car Association (CPCA), 864,000 sport utility vehicles (SUVs) were sold in October, a year-on-year increase of 41.4%, continuing to maintain high growth. 

  

(2) Online retail sales maintained rapid growth. From January to October, online retail sales of physical goods increased by 24.9% nationwide, 14.6 percentage points higher than the growth of total retail sales of social consumer goods in the same period. It accounted for 11.8% of total retail sales of social consumer goods, up 0.1 percentage point over the period from January to September, and an increase of 1.8 percentage points over the same period last year. 

  

3. Retail sales of some residential goods maintained rapid growth and retail sales of basic daily necessities grew at a slower pace 

  

(1) Retail sales of furniture and home decoration goods maintained rapid growth. In October, retail sales of furniture as well as construction and decoration materials of enterprises above designated size increased by 11% and 12.3%, respectively, both of which maintained rapid growth. 

  

(2) Growth of retail sales of wearing goods rose, but growth of retail sales of eating and using goods declined. In October, retail sales of clothing, footwear and knitwear of enterprises above designated size grew by 7.5%, up 0.8 percentage point over the previous month. Retail sales of food, clothing and other basic daily necessities grew by 8.4%, down 0.9 percentage point over last month. 

  

4. Growth of retail sales of oil and related products continued to increase, while growth of retail sales of vehicles declined slightly 

  

(1) Retail sales of oil and related products maintained slight growth which continued to rise. Due to increasing oil prices and other factors, retail sales of oil and related products of enterprises above designated size saw rising growth for three consecutive months. In October, retail sales of oil and related products rose by 4.7%, up 1.8 percentage points over the previous month and up 5.2 percentage points over January to September. 

  

(2) Growth of vehicle sales slowed down on a month-on-month basis, but it was still higher than that in the same period last year. Because China cut the purchase tax on smaller vehicles by half effective October last year, vehicle sales in the two months before and after the implementation of the policy varied greatly. Growth of vehicle sales in last September was significantly lower than that in last October, and the base number of previous year exhibited a trend of high sales in the first half while low sales in the second half. Further, due to a month-on-month decrease in the average transaction prices of vehicles in October, vehicle sales grew slower in October than in last month. In October, vehicle sales of enterprises above designated size increased by 8.7%, down 4.4 percentage points over the previous month, but up 1.6 percentage points over the same month last year. It is estimated that the month-on-month decline in the growth of vehicle sales of enterprises above designated size contributed about 0.5 percentage point to the fall in the growth of total retail sales of social consumer goods. 


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