The year-on-year growth rate of total retail sales of consumer goods in China is expected to surpass 3.1 percent in April, according to experts cited by Securities Daily. The action plan initiated in March to promote large-scale equipment renewal and trade-in of consumer goods has led local governments to introduce trade-in activities, issue consumer vouchers, and subsidise businesses, thereby boosting the consumption of durable goods like automobiles and household appliances.
Domestic car consumption has accelerated significantly, with approximately 2.41 million automobiles produced and 2.36 million sold in April, marking increases of 12.8 percent and 9.3 percent respectively from the previous year. Notably, 870,000 new energy vehicles were produced, and 850,000 were sold, representing yearly increases of 35.9 percent and 33.5 percent.
The consumption of gold, silver, and other jewellery also positively impacted overall consumption in April. Despite rising prices, consumer enthusiasm remained high, as evidenced by Chow Tai Fook’s jewellery-gold price increase of more than 3.6 percent in the Chinese mainland.
Rural consumption data showed a promising trend. In the first quarter, rural consumption volume rose by 5.2 percent year-on-year, surpassing urban consumption growth of 4.6 percent. This trend is expected to continue in April, driven by new economic drivers and deeper market penetration into the countryside, leading to rural consumption growth outpacing that of urban areas.
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