On November 14, the Head of the MOFCOM Department of Market Operation and Consumption Promotion introduced the consumption market operation situation of China in October 2017.
According to the statistics of the State Statistics Bureau, the total retail sales of consumer goods in October amounted to 3.42 trillion yuan, up 10 % year on year, staying the same as that of the same period last year. That from January to October increased by 10.3% year on year, the same as that of last year over the same period. The retail sales of 5,000 key enterprises monitored by MOFCOM increased by 5.0% in October year on year, 0.2 percentage points higher than that of this September and 0.4 percentage points higher than that of the same period last year. That from January to October was up 4.7% year on year, 0.9 percentage points faster than that of the same period last year.
The official from MOFCOM Department of Market Operation and Consumption Promotion pointed out China’s consumption market maintained a smooth and upward growth in October, mainly presenting the following highlights:
Firstly, both online and offline retail sales enjoyed good growth momentum. The online retail sales maintained a rapid growth. According to the National Bureau of Statistics, the online sales of national entity reached 4.2 trillion yuan, up 28.8% year on year from January to October, accounting for 14% of the total retailing of social consuming goods, 2.3 percentage points higher than that of the same period last year. In October, the sales of key shopping centers, convenience store, supermarkets and stores monitored by MOFCOM rose by 8.1%, 7.8%, 4.5% and 3.4% respectively year on year, 1.9, 0.7, 1.1 and 1.0 percentage points higher than those in September respectively.
Secondly, the ultra-long National Day holidays drove up the service consumption and the sales of some commodities. Supported by the overlapping Mid-Autumn Festival and National Day holidays, holiday promotion and consumption upgrading, the revenue of national catering industry in October reached 385.3 billion yuan, up 10.3% year on year, 0.3 percentage points higher than that of the same period last year.. The box office of whole country reached 5.14 billion yuan, up 40.7% year on year. The revenue of domestic tourism during the “Golden Week” reached 583.6 billion yuan, and there were over 0.7 billion tourists, up 13.9% and 11.9% year on year respectively. At the same time, the sales of basic living goods and upgraded goods speeded up. In October, among the sales of goods above the designated size, the sales of food and clothing increased by 9.6% and 8.9% year on year respectively, 1.8 and 1.9 percentage points higher than those of September. The sales of sports and entertainment goods, stationery and cosmetics increased by 19.6%, 6.4% and 16.1% year on year respectively, 6.5, 2.0 and 2.7 percentage points higher than those of last month.
Thirdly, the consumption price went up slightly. The CPI increased by 1.9% year on year in October, 0.3 percentage points higher than that of last month, up 0.1% month on month, 0.4 percentage points slower than that of last month. The price of edible agricultural products from 36 large and medium cities monitored by the MOFCOM was up 0.2% month on month in October, down 0.7% than of the same period last year, , falling for nine consecutive months year on year. From January to October, the price of edible agricultural products decreased by 3.5% year on year.
The official said the consumption market is expected to keep a continuous rapid growth in the latter half of the year, and the expected goal of the whole year could be accomplished smoothly, as the development of the national economy is stable and upward, the quality and benefit will steadily keep improving, the production is in stable demand, the employment situation stays up-beating and the overall price of commodities is stable.