China Jan-Feb Retail Sales Rise Almost 34%

In January and February, the total retail sales of consumer goods in China rose 33.8 percent year-on-year, according to data released today by the country’s National Bureau of Statistics (NBS).

The dramatic rise is largely due to the fact that retail spending was hindered during the same period in 2020, when the coronavirus outbreak first took hold in China, leading to widespread lockdowns, limitations on movement and the closure of public spaces, including malls and restaurants, in many parts of the country.

Having said this, the total sales for the two month period of almost 7 trillion yuan ($1.1 trillion) also represents growth of 6.4 percent over the same period in 2019.

Urban retail sales growth of 34.9 percent in the first two months of this year, compared with the same period last year, outpaced rural growth, which stood at 26.7 percent on the year.

In a release from the NBS, the agency said that “upgraded consumer goods” experienced particularly fast growth. Online retail sales also continued their upward trajectory, growing 32.5 percent year-on-year for January and February.