Convenience stores, supermarkets lead China’s retail growth
According to data released by the National Bureau of Statistics, China’s total retail sales of consumer goods in August grew by 2.1% to 38.73 trillion RMB ($5.31 trillion). Excluding automobiles, retail sales of consumer goods increased by 3.3% to 34.78 trillion RMB ($4.77 trillion). By region, urban retail sales of consumer goods rose by 1.8% to 33.58 trillion RMB ($4.60 trillion), while rural retail sales grew by 4% to 5.15 trillion RMB ($705.69 billion). By category, retail sales of goods increased by 2% to 34.38 trillion RMB ($4.71 trillion), and dining revenue grew by 3% to 4.35 trillion RMB ($596.09 billion). From January to August, retail sales for convenience stores and supermarkets increased by 5% and 2%, respectively, while department stores and specialty brand stores saw declines of 3.3% and 2%, respectively.