China's consumer market showed steady growth in the first two months this year, driven by policies such as the expanded trade-in program, according to the Ministry of Commerce.
Data showed that total retail sales of consumer goods reached over 8.37 trillion yuan (about 1.17 trillion U.S. dollars) from January to February, climbing 4 percent year on year.
With the implementation of the expanded consumer goods trade-in program, the retail sales of communication equipment and cultural and office supplies by enterprises above the designated size jumped by 26.2 percent and 21.8 percent, respectively, over the same period of last year. Sales of furniture and household appliances increased by 11.7 percent and 10.9 percent, respectively, on a year-on-year basis.
China's service consumption also continued to expand in the first two months. The retail sales of services in the period showed a 4.9 percent year-on-year growth. Specifically, catering revenue grew by 4.3 percent from a year earlier. Notably, the retail sales of tourism consultation and leasing services as well as transportation and travel services all achieved double-digit growth rates year on year.
In addition, the growth rate of rural consumption outpaced that of urban consumption during the January-February period. The retail sales of consumer goods in rural areas increased by 4.6 percent year on year, with growth rate being 0.8 percentage points higher than that recorded in urban areas.
China's consumer market maintains steady growth at start of 2025: data
China's consumer market maintains steady growth at start of 2025: data
