China retail sector shows potential for growth
The pandemic moved past its worst, opening opportunities for recovery
The retail sector in China is on the road of improvement, amassing CNY43.9 billion (USD6.4 billion) of total retail sales on consumer goods in 2022, based on a report by the National Bureau of Statistics China. Out of the total sales, consumer goods excluding automobiles reached CNY39.3 million. Online retail sales, on the other hand, reached CNY13.7 billion. All of these sectors showed positive growth from the previous year.
Alongside the tourism sector, retail benefited as well from China’s reopening, according to the South China Morning Post. This reopening was the catalyst to recovery for both within and outside of China. Asian retail as a whole is better off with the strength of China’s purchasing power.
More: Slow and steady: Mainland China on path to becoming the largest economy in the globe
Chinese citizens have been “revenge spending” in order to make up for all the things they could not purchase over the pandemic. This puts retail, especially high-end retail, at an advantage as consumers purchase anything ranging from daily necessities to luxury products.
Finance and insurance firm FitchRatings elaborated on the improvement of retail activities in China after the pandemic moved past its worst. The sector saw an improvement starting December 2022 and January 2023, after the peak of infections. Analysts predict that the sector will experience strong growth, especially for the retail sales of essential goods such as food and drinks due to the consumers’ desire to be prepared in case another lockdown happens. Non-essential goods, on the other hand, are expected to recover a little later on as the population hopes to completely clear themselves of any infections.
The Property Report editors wrote this article. For more information, email: [email protected].
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