BEIJING: China’s domestic consumer market showed steady growth in the first three quarters of 2024, according to the National Bureau of Statistics (NBS). The Chinese government actively supported this expansion through policies aimed at boosting domestic demand, such as trade-in subsidies for cars and household appliances.
In September, retail sales of household appliances and audio-visual equipment surged by 20.5 percent year-on-year, a significant rise compared to the previous month’s growth rate. Sales of high-energy efficiency and smart home appliances also experienced double-digit growth, contributing to the overall improvement in retail sales during the third quarter.
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Online consumption continued to expand, with online retail sales of physical goods increasing by 7.9 percent year-on-year, surpassing the overall retail sales growth rate by 4.6 percentage points. E-commerce accounted for 25.7 percent of total retail sales, a slight increase compared to the previous period.
New e-commerce trends, such as live-streaming promotions and instant retail, played a key role in driving the growth of online consumption. These innovations helped the sector adapt to changing consumer preferences and further integrated online and offline channels.
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Wang Liwei, Deputy Director of the Development Strategy and Planning Research Office at the Economic Research Institute, noted that the integration of the internet and digital technologies in the consumption sector has led to the rise of “trendy items” and new growth points in areas like green and healthy products. This shift towards online consumption has become a significant driving force for steady growth in the broader consumer market, helping to maintain momentum and foster the development of sustainable, tech-driven industries across China.
