Data released by China’s National Bureau of Statistics revealed that the country’s market sales continued on a stable growth trajectory in the first quarter of this year, driven by sustained strong demand for innovative consumer products and accelerated consumption of services.
As reported by People’s Daily Online, China’s market has experienced notable expansion, with contributions from both provincial and township markets steadily increasing. Total retail sales of consumer goods in China during the first quarter reached 1.20327 trillion yuan, marking a 4.7% year-on-year increase. Retail sales in provinces and rural areas, including towns and villages, saw a 5.3% year-on-year growth, constituting 40.1% of the total retail sales of consumer goods.
The services sector also witnessed rapid expansion, fueled by consumption related to travel and tourism. Retail sales of services surged by 10.0% year-on-year during the first quarter, surpassing the growth rate of retail sales of goods by 6.0 percentage points.
Furthermore, catering revenues experienced a notable uptick of 10.8% year-on-year. Additionally, the number of national trade shows, excluding entertainment venues, surged by 72.71%, while box office revenues soared by 116.87% year-on-year.
