East China’s Jiangsu province reported steady growth in consumer spending in the first seven months of this year with the retail sales of consumer goods surging to 2.51 trillion yuan, ranking first in the country.
The province’s retail sales of consumer goods from January to July totaled 2.51 trillion yuan, an increase of 25.5% year-on-year, up 16% from the same period of 2019 and an average increase of 7.7% on a two-year basis, according to the latest statistics released by the Provincial Department of Commerce.
Its retail sales of consumer goods accounted for 10.2% of the national total, an increase of 0.4 percentage points from the same period last year, ranking first in the country.
From January to July, the province’s retail sales of automobiles, furniture, household appliances, and audio-visual equipment above designated size increased by 27.9%, 28%, and 29.1% year-on-year respectively.
Mid-to-high-end products such as wearable smart devices, gold and silver jewelry, computers and ancillary products increased by 55.1%, 42.9%, and 30.5% year-on-year, leading the average consumption growth level and indicating people’s willingness to continuously improve their lives and their relatively sufficient spending power.
As one of the barometers that reflect the confidence of the general public in daily consumption, catering consumption has also continued to grow. From January to July, the province’s catering revenues above designated size increased by 46.4% year-on-year.
