In the first two months of 2017, the total retail sales of consumer goods in China reached RMB 5,796.0 billion (US$840.3 bn), up by 9.5% year-on-year (nominal growth rate. The real growth rate was 8.1%) according to National Bureau of Statistics of China.
The total retail sales of China consumer goods in cities reached RMB 4,945.8 billion (US$717 bn), up by 9.2% year-on-year.
The catering services in the first two months, gained RMB 625.1 billion, up by 10.6%, year-on-year. The retail sales of goods gained RMB 5,170.8 billion, up by 9.4%. The retail sales amount of goods of units above designated size in the first two months was RMB 2,318.6 billion, up by 6.8% year-on-year.
China’s online retail sales of goods and services were RMB 858.0 billion (US$124.39 bn) in the first two months of 2017, increased by 31.9% year-on-year.
The online retail sales of physical goods were 641.9 billion yuan, increased 25.5%, accounting for 11.1% of the total retail sales of consumer goods; food, clothing and other commodities went up by 15.1%, 15.8%, and 30.7% respectively.
China’s online retailing market will grow to $1.7 trillion by 2020 compared with $750 billion last year.
Continue to read: China cross-border e-commerce insights 2016/2017