Data announced by the State Statistics Office reveals that retail sales of consumer goods in China will recover in 2024. Retail size increased by 4,7 percent in the first three months of the year to 12,03 trillion yuan (1,85 trillion dollars).
During the same period, domestic online retail sales amounted to 3,31 trillion yuan ($509,72 billion), an increase of 12,4 percent. Sales of physical goods increased by 11,6 percent to 2,81 trillion yuan ($431,58 billion), while consumer goods accounted for 23,3 percent of total retail sales. Among online sales of such physical goods, food, clothing and daily necessities accounted for 21,2 percent, respectively; It increased by 12,1 and 9,7 percent.
On the other hand, the latest Hurun China luxury consumption survey conducted by Hurun Research Institute found that China's luxury consumption market is still strong and will reach 2023 trillion yuan ($3 billion) in 1,66, increasing by 237 percent compared to the previous year. In addition, Hurun predicts that high-income Chinese citizens will insist on maintaining their desire for travel and high-quality lives, and not to cut their healthcare expenses this year.