{"id":32349,"date":"2023-02-17T08:13:17","date_gmt":"2023-02-17T01:13:17","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=32349"},"modified":"2023-02-18T08:28:53","modified_gmt":"2023-02-18T01:28:53","slug":"china-retail-sector-shows-potential-for-growth","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/china-retail-sector-shows-potential-for-growth\/","title":{"rendered":"China retail sector shows potential for growth"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The pandemic moved past its worst, opening opportunities for recovery<\/span><\/p>\n<figure id=\"attachment_32350\" aria-describedby=\"caption-attachment-32350\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-32350 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/02\/shutterstock_1626627478.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/02\/shutterstock_1626627478.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/02\/shutterstock_1626627478-400x267.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/02\/shutterstock_1626627478-600x400.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/02\/shutterstock_1626627478-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-32350\" class=\"wp-caption-text\">Chinese citizens have been \u201crevenge spending\u201d in order to make up for all the things they could not purchase over the pandemic. IHORSULYATYTSKYY\/Shutterstock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"http:\/\/www.stats.gov.cn\/english\/PressRelease\/202210\/t20221025_1889683.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">National Bureau of Statistics China<\/span><\/a><span style=\"font-weight: 400;\">. 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alongside the tourism sector, retail benefited as well from China\u2019s reopening, according to the <\/span><a href=\"https:\/\/www.scmp.com\/comment\/opinion\/article\/3209215\/china-reopening-asian-tourism-and-retail-set-reap-benefits-despite-inflation-fears\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">South China Morning Post<\/span><\/a><span style=\"font-weight: 400;\">. 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\u2019s purchasing power.<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/slow-and-steady-china-on-path-to-becoming-the-largest-economy-in-the-globe\/\" target=\"_blank\" rel=\"noopener\">More: Slow and steady: Mainland China on path to becoming the largest economy in the globe<\/a><\/p>\n<p><span style=\"font-weight: 400;\">Chinese citizens have been \u201crevenge spending\u201d 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finance and insurance firm <\/span><a href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/chinas-retail-sales-to-recover-with-high-volatility-19-01-2023\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FitchRatings<\/span><\/a><span style=\"font-weight: 400;\"> 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\u2019 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.<\/span><\/p>\n<p><i>The Property Report editors wrote this article. For more information, email:\u00a0<a href=\"mailto:propertyreport@propertyguru.com\" target=\"_blank\" rel=\"noopener\">propertyreport@propertyguru.com<\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic moved past its worst, opening opportunities for recovery<\/p>\n","protected":false},"author":12,"featured_media":32350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[137,248,851],"class_list":["post-32349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-china","tag-retail","tag-retail-sector","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China retail sector shows potential for 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