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China’s retail sales grow by 0.6 in the first 10 months on the back of online consumption

According to the National Bureau of Statistics (NBS), retail sales of consumer goods in China from January to October totaled 36.05 trillion yuan (about $5.11 trillion), up 0.6% from a year earlier.

The report noted that online consumption continued to support retail sales in the first 10 months, with online retail sales reaching 10.95 trillion yuan, up 4.9% year-on-year.

Online sales of physical goods reached 9.45 trillion yuan, up 7.2% year-on-year and 1.1% higher than the first nine months.

Retail sales in rural areas reached 4.79 trillion yuan, up 0.8% year-on-year, rising faster than urban retail sales, which increased 0.5% year-on-year to 31.26 trillion yuan.

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