On October 13th, Guangdong Provincial Bureau of Statistics released consumer goods market data showing that in 2016, Guangdong's final consumer spending contributed more than half of the province’s economic growth, and the online retail market ranked first in the country, with online retail sales of 1.14 trillion yuan (US$178.7 billion), accounting for 23.1% of online retail sales in China.
The Bureau said that Guangdong residents’ spending power continued to increase, and with the steady expansion of the consumer goods market, its contribution to economic growth continues to increase.
In 2016, total retail sales of social consumer goods in Guangdong reached 3.47 trillion yuan (US$523.9 billion), an increase of 53.2% over 2012 and an average annual increase of nearly 301.5 billion yuan (US$45.4 billion). The latter figure is roughly equal to Guangdong’s total retail sales in 1997. In 2016, Guangdong's end-consumer consumption accounted for 51.5% of the province's GDP and cont...
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