| 21.5% Increase in Chinese Retail Sales during April 2008 |
|
|
|
| Thursday, 26 June 2008 | |
|
In April 2008, the Chinese retail sales of consumer goods recorded an increase of about 21.5% and reached nearly 814.2 Billion Yuan, says National Bureau Statistics. The NBS (National Bureau Statistics) reveals that sales of retail consumer goods in China reached nearly 814.2 Billion Yuan (US$ 116.3 Billion) in April 2008, an increase of 21.5% from March 2008. Also, it is more than the expected rise of about 21.2%, as reported on May 13, 2008 in the news published by CHINAdaily. The NBS data shows that in April 2008, Chinese retail sales of consumer goods increased by about 22.9% and reached nearly 555.9 Billion Yuan in urban areas and thus, total retail sales of the country during January to April 2008 reached about 3.3697 Trillion Yuan, an increase of 21% from 20.6% of growth in Q1 of 2008. Rise in disposable income and consumer spending power of Chinese people during April 2008 are identified as main factors for growth in consumption of retail goods. Moreover, rise in disposable income is leading to rapid urbanization and change in lifestyle of rural as well as urban Chinese and thus, an increase is being witnessed in the sales of consumer goods in the country. Moreover, emergence of many foreign players with their operations in China is leading to growth in retail sales. These foreign companies can easily increase their production at a very low price as they get cheap labor force in the country. Also, many people prefer to purchase goods manufactured by these companies as they are cheap in comparison to goods from other companies and thus, leads to an increase in retail sales. The strong growth of the Chinese economy is also attracting huge amount of investments. So the Chinese government is trying to expand coverage of pension and is spending more on education and health sector to make the people richer so that they can spend on retail sector, says NBS. A Research Analyst at RNCOS opined, “The retail sales, which are considered a vital indicator of consumer and retailer demand, are rapidly growing in China. This rise in consumer demand provides ample opportunities to the existing companies that serve the booming middle class. So the companies looking to foray in to the Chinese retail market have bright future prospects in the country.” Related Market Research Reports: Booming Retail Sector in India Booming Retail Sector in UAE
|
| < Previous | Next > |
|---|
.jpg)
