China's domestic consumer market has maintained steady growth in the first three quarters of 2024, according to data from the National Bureau of Statistics (NBS).
The Chinese government has actively implemented policies to boost domestic demand and stimulate consumption, including large-scale trade-in subsidies for cars and household appliances.
In September, sales of household appliances and audio-visual equipment experienced a significant increase, with retail sales rising by 20.5 percent year on year. This growth rate is 17.1 percentage points higher than the previous month. Notably, retail sales of high energy efficiency and smart home appliances achieved double-digit growth.
This boost contributed to the overall retail sales of consumer goods in the third quarter growing 0.1 percentage points faster than in the second quarter.
Online consumption demonstrated robust growth, with online retail sales of physical goods increasing by 7.9 percent year on year in the first three quarters, outpacing overall retail sales growth by 4.6 percentage points.
E-commerce accounted for 25.7 percent of total retail sales, an increase of 0.1 percentage points from the January-August period.
New e-commerce models, such as live-streaming promotions and instant retail, also emerged, further driving the expansion of online consumption.
"The in-depth integration of the internet and digital technologies in the consumption sector, facilitated by the blending of online and offline channels, has fostered the rise of domestic 'trendy items' and a variety of new consumption growth points such as green and healthy products. Online consumption has become a new driving force for steady growth in consumption," said Wang Liwei, deputy director of the Development Strategy and Planning Research Office at the Economic Research Institute under the National Development and Reform Commission, China's top economic planner.
China's consumer market expanding steadily
