Multiple factors have affected the market sales growth rate to fall The consumer market continues to recover and remains unchanged
——Zhang Min, a statistician from the Department of Trade and Foreign Economic Relations of the National Bureau of Statistics, interprets the data of total retail sales of consumer goods in August
Recently, the domestic epidemic has occurred from multiple sources and at multiple points. Resident travel and consumption have decreased. Coupled with an increase in the base figure in the same period last year, the market sales growth rate in August this year has fallen from the previous month. However, in terms of the cumulative growth rate, the total retail sales of consumer goods from January to August still maintained a rapid double-digit growth; from the perspective of consumption structure and business conditions, the sales of daily life goods grew steadily, and the sales of some upgraded goods accelerated. Consumer demand is constantly released. In general, the continued recovery of the consumer market has not changed.
1. Short-term factors have a greater impact on the consumer market, and market sales resilience appears
Short-term factors such as the new crown pneumonia epidemic have a greater impact on the consumer market. In August, the epidemic broke out in many places in the country, and the epidemic spread to more than half of the provinces in the country. Residents went shopping and travel decreased, and the market sales growth rate dropped by a large margin. In addition, the growth rate of total retail sales of consumer goods in August last year turned positive for the first time this year, and the “base effect” also had a certain impact on the market sales growth this month. In August this year, the total retail sales of consumer goods increased by 2.5% year-on-year, and the growth rate was 6 percentage points lower than that in July. Among them, agglomeration consumption such as catering and accommodation was more affected by the epidemic. Food and beverage revenue fell by 4.5% year-on-year, compared with an increase in July. 14.3%. However, looking at the 18 commodity categories of units above designated size, the retail sales of more than 60% of the commodities kept increasing.
The growth rate of total retail sales of consumer goods in each month since 2020
2. The sales growth of people’s livelihood products is good, and the growth of some upgraded consumption is accelerating
The sales of basic people’s livelihood and basic life commodities increased steadily. In August, the retail sales of grain, oil, food, beverages, tobacco and alcohol, and Chinese and Western medicines in units above designated size increased by 9.5%, 11.8%, 14.4% and 10.2% year-on-year respectively.
The sales growth of some upgraded products accelerated. In August, the retail sales of sports and entertainment products of units above designated size increased by 22.7% year-on-year, and the growth rate was 2 percentage points higher than the previous month; the retail sales of cultural and office products increased by 20.4%, an acceleration of 5.6 percentage points.
3. Online physical retail sales have grown steadily, and online sales of most products have grown rapidly
Online retail has maintained rapid growth. With the continuous release of online consumer demand, from January to August, the national online retail sales of physical goods increased by 15.9% year-on-year, an acceleration of 0.1 percentage points from the same period last year, accounting for 23.6% of the total retail sales of consumer goods, which was less than 1%. -Flat in July.
Online sales of basic life and upgrade products have grown rapidly. From January to August, most of the online retail sales of physical goods maintained rapid growth. Among them, the retail sales of food and clothing products closely related to basic people’s livelihood increased by 22.4% and 19.4% year-on-year, respectively. The sales of daily necessities increased steadily; the retail sales of upgraded products such as cultural office, household appliances, and sports and entertainment products maintained double-digit sales. Rapid growth.
In the next stage, as the normalization of epidemic prevention and control is further improved, employment remains stable, residents’ incomes increase, residents’ consumer demand is expected to continue to be released, and the recovery of the consumer market will continue to develop.