Expert interpretation of Jiangsu’s third quarter economic data ④｜Rural consumption is growing faster than urban consumption, and new energy vehicles are seeing eye-catching growth
2023/10/29 18:41 Junction News
【Editor’s note】
Recently, the Jiangsu Provincial Bureau of Statistics and the Jiangsu Survey Team of the National Bureau of Statistics released Jiangsu’s economic “report card” for the third quarter of 2023 – the data shows that the province achieved a GDP of 9.318 billion yuan in the first three quarters, a year-on-year increase of 5.8%; the province The total output value of agriculture, forestry, animal husbandry, and fishery was 530.94 billion yuan; the added value of industries above designated size increased by 7.2% year-on-year; the total retail sales of consumer goods reached 3.38741 billion yuan; the per capita disposable income of all residents was 40,286 yuan, a year-on-year increase of 5.7%…
How do you view the fluctuation of economic indicators in the third quarter, and what signals are released behind the data? Xinhua Daily·Junction News invited experts from the Jiangsu Provincial Bureau of Statistics and the Jiangsu Survey Team of the National Bureau of Statistics to provide authoritative interpretations from different fields such as the national economy, industrial economy, and consumer market.
Xu Guo, Director of the Trade and Foreign Economic Statistics Division of Jiangsu Provincial Bureau of Statistics:
In the first three quarters, as the province’s consumer market policy support continued to increase, a variety of consumption-promoting activities continued to be carried out, and the economic effects of holidays and summer vacations were combined. Consumption vitality was effectively stimulated, and the province’s consumer goods market maintained a stable and orderly development trend. The rural market is growing well, catering consumption has recovered strongly, online retail has maintained rapid growth, and the demand for upgraded consumption continues to be released.
Driven by the recovery and expansion of consumption scenarios, the continuous effectiveness of various consumption-promoting policies, and the factors of holidays and summer, the consumer goods market is generally operating smoothly. In the first three quarters, the province’s total retail sales of consumer goods reached 3.38741 billion yuan, a year-on-year increase of 7.1%. Looking at the two-year average growth rate, the average growth rate in the first three quarters was 3.3%, an increase of 0.4 percentage points from the first half of the year. The total retail sales of consumer goods in September were 369.01 billion yuan, a year-on-year increase of 0.8%, and the growth rate increased by 0.9 percentage points from the previous month.
In the first three quarters, the province’s urban retail sales of consumer goods reached 2.97175 billion yuan, a year-on-year increase of 6.9%. As the income growth of rural residents accelerates and the consumption environment in counties and townships continues to improve, sales in rural markets are growing faster than in urban areas. In the first three quarters, retail sales of consumer goods in rural areas were 415.66 billion yuan, a year-on-year increase of 8.4%, and the growth rate was 1.5 percentage points higher than that in urban areas.
Since the beginning of this year, business, tourism, and other activities have picked up rapidly. In particular, the number of residents traveling during holidays and summer has increased significantly, driving rapid growth in catering consumption. In the first three quarters, the province’s catering revenue was 350.82 billion yuan, a year-on-year increase of 19%, and the growth rate was 13.1 percentage points higher than that of commodity retail sales.
Online and offline integration develop, and online retail maintains rapid growth. With the complete range of online retail products, the continuous improvement of the logistics and distribution system, and the deep integration of the digital economy and the real economy, online retail continues to consolidate as a source of growth for the consumer market. In the first three quarters, based on the location of sellers, the province’s online retail sales were 925.33 billion yuan, a year-on-year increase of 13.8%. Among them, online retail sales of physical goods were 787.3 billion yuan, a year-on-year increase of 11.5%, and the growth rate was 4.4 percentage points higher than the total retail sales of consumer goods. In the first three quarters, the province’s online retail sales of physical goods accounted for 23.2% of the total retail sales of consumer goods, an increase of 0.6 percentage points from the same period last year.
The growth of retail sales of goods is good, and basic living consumption is expanding steadily. Judging from the retail sales value of commodities above designated size, 15 of the 18 major categories of commodities in the province achieved positive growth in the first three quarters, and the overall development trend is good. Among them, the retail sales of grain, oil, food, beverages, tobacco and alcohol, clothing, shoes, hats, needles, textiles, and daily necessities above designated size increased by 6.4%, 21.3%, 9%, 4.4%, and 3.5% respectively year-on-year. The above retail sales increased by 1.7 percentage points, providing strong support for the smooth operation of the consumer goods market.
Consumption concepts continue to improve and change, and the demand for upgraded consumption continues to be released. As the market supply capacity is optimized and improved and residents’ consumption concepts continue to change, consumer demand for upgraded and green commodities is further released. In the first three quarters, the province’s retail sales of gold, silver, jewelry, and communication equipment above designated size achieved double-digit growth, with year-on-year growth rates of 12.4% and 22.3% respectively. Together, they drove the province’s retail sales above designated size to grow by 0.9 percentage points, of which, the smartphone market has strong demand, with a year-on-year growth rate of 51.3%. New energy vehicles continue to maintain a rapid growth momentum, with a year-on-year growth of 51.8% in the first three quarters, driving the province’s above-designated retail sales to grow by 2.5 percentage points.
Xinhua Daily·Intersection reporter Li Xi
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(Source: Junction News)