According to the website of the Ministry of Commerce, the head of the Department of Consumption Promotion of the Ministry of Commerce recently discussed the situation of my country's consumer market in September 2023.
In September, commerce authorities at all levels thoroughly implemented the decisions and arrangements of the Party Central Committee and the State Council, actively organized and carried out a series of consumption promotion activities such as the "Golden Autumn Shopping Festival", accelerated the implementation of policies and measures to promote automobile and household consumption, and optimized Consumption supply, improving consumption conditions, innovating consumption scenarios, and enhancing the fundamental role of consumption in economic development. The total retail sales of consumer goods in that month was 3.98 trillion yuan, a year-on-year increase of 5.5%. The growth rate was 0.9 percentage points faster than that in August, showing a continued recovery trend. In the first three quarters, the total retail sales of consumer goods reached 34.2 trillion yuan, a year-on-year increase of 6.8%. The contribution rate of final consumption expenditure to economic growth in the third quarter reached 94.8%.
Product sales have grown steadily. In September, retail sales of goods increased by 4.6% year-on-year, 0.9 percentage points faster than in August. In terms of product categories, the year-on-year growth rate of retail sales of over 60% of products accelerated compared with August. Sales of basic livelihood commodities remained stable, with upgraded and green smart products favored. Retail sales of grain, oil, food and beverages in units above designated size increased by 8.3% and 8.0% respectively year-on-year. Sports and entertainment supplies and gold and silver jewelry increased by 10.7% and 7.7% respectively. Sales of new energy vehicles increased by 27.7% year-on-year, accounting for 31.6% of new car sales.
Service consumption continues to rebound. Residents’ strong willingness to travel has driven rapid growth in consumption of services such as catering, accommodation, tourism, and transportation. In the first three quarters, retail sales of services increased by 18.9% year-on-year, 13.4 percentage points higher than the retail sales of goods; residents’ per capita service consumption expenditure increased by 14.2% year-on-year, accounting for 46.1% of per capita consumption expenditure. In September, national catering revenue was 428.7 billion yuan, a year-on-year increase of 13.8%; movie box office revenue exceeded 2.8 billion yuan, an increase of approximately 1.2 times.
Online and offline collaborative development. Online retail sales have maintained rapid growth. In the first three quarters, national online retail sales were 10.8 trillion yuan, a year-on-year increase of 11.6%, of which online retail sales of physical goods were 9.0 trillion yuan, an increase of 8.9%, accounting for 26.4% of the total retail sales of consumer goods. Characteristic pedestrian streets and key business districts are very popular, and physical retail sales are growing steadily. The retail sales of department stores above designated size, convenience stores, professional stores, and brand stores increased by 7.7%, 7.5%, 4.3%, and 3.1% respectively year-on-year.
Urban and rural consumption grew simultaneously. In the first three quarters, the per capita consumption expenditure of urban and rural residents increased by 8.6% and 9.3% year-on-year respectively. The retail sales of consumer goods in urban areas was 29.64 trillion yuan, a year-on-year increase of 6.7%; the retail sales of consumer goods in rural areas was 4.57 trillion yuan, a year-on-year increase of 7.4%. In September, urban retail sales of consumer goods increased by 5.4%, and rural retail sales of consumer goods increased by 6.3%.
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