Rapid Growth Of Online Retail And Other Emerging Consumption In The First Quarter

Yesterday, the National Bureau of statistics published the article signed by Meng Qingxin, director of the Department of trade and economic affairs, pointed out that the consumption of residents in the first quarter continued to grow steadily and rapidly, and the scale of the market continued to expand. The pulling effect on economic growth was further enhanced, and became a "stabilizer" and "ballast stone" to maintain the smooth operation of the economy.

In the first quarter, the contribution rate of final consumption expenditure to economic growth was 77.8%, which was 46.5 percentage points higher than the total contribution of capital formation.

The article points out that

As a whole, the basic role of consumption in economic growth is further enhanced.

In terms of nominal growth, the total retail sales of consumer goods in the first quarter amounted to 90275 billion yuan, up 9.8% over the same period last year, and the growth rate was 0.1 percentage points faster than that in 1-2 months. In March, the total retail sales of social consumer goods totaled 29194 billion yuan, up 10.1% over the same period last year, and the growth rate was 0.4 percentage points faster than that in 1-2 months.

From the actual growth rate, the total retail sales of consumer goods increased by 8.1% in the first quarter, which was 0.1 percentage points faster than that in 1-2 months, with a real increase of 8.6% in March and a 0.6 percentage point increase.

Residents' consumption continued to grow steadily and rapidly, and the scale of the market continued to expand. The pulling effect on economic growth was further enhanced, and became a "stabilizer" and "ballast stone" to maintain the smooth operation of the economy.

In the first quarter, the contribution rate of final consumption expenditure to economic growth was 77.8%, which was 46.5 percentage points higher than the total contribution of capital formation.

In addition, with the increasing popularity of the Internet, especially the mobile Internet, new consumption such as online retailing is developing rapidly.

According to the statistics of the Ministry of industry and information, as of the end of February, the total number of mobile Internet users in China reached 1 billion 280 million households, with a cumulative flow of 6 billion 890 million GB, 14.8% and 186% respectively; 1 billion 190 million users using mobile Internet access, 6 billion 720 million GB on the Internet, 206%, accounting for 97.5% of the total mobile Internet traffic.

In the first quarter, the whole country

19318 billion yuan, an increase of 35.4%.

Among them, the retail sales of physical goods amounted to 14567 billion yuan, an increase of 34.4%, the growth rate was 24.6 percentage points higher than the total retail sales of social consumer goods, accounting for 16.1% of the total retail sales of social consumer goods.

With the rapid growth of new formats, the traditional retail industry actively develops sales channels, accelerates integration on line and online, and continues to keep warm.

It is estimated that in the first quarter, retail sales of units above Designated Size, including supermarkets, department stores and professional stores, grew by 8.9% over the previous year, and the growth rate increased by 1.7 percentage points over the same period last year.

The article points out that with the in-depth implementation of the innovation driven development strategy and the steady growth of residents' income, the demand for personalized, quality and diversified consumption of residents has been expanding.

Some commodities related to consumption upgrading continue to maintain relatively rapid growth.

In the first quarter, the number of cosmetics, household appliances and other commodities above the limit increased by 16.1% and 11.4% respectively, up 6.2 and 3.4 percentage points respectively over the same period last year, and 7.4% of auto products increased by 5.1 percentage points.

With the pformation and upgrading of household consumption, basic life commodities continued to grow steadily.

In the first quarter, the number of clothing, shoes and hats, knitted goods and daily necessities increased by 9.8% and 12.3%, respectively, up 3.6 and 3.8 percentage points over the same period last year. Grain, oil and food products also maintained a relatively fast growth rate of over 10%.

The article also pointed out that in recent years, the growth rate of rural residents' income continued faster than that of cities and towns.

In the first quarter, the total retail sales of consumer goods in rural areas totaled 13179 billion yuan, an increase of 10.7% over the same period last year. The rate of increase was 1 percentage points higher than that of cities and towns, accounting for 14.6% of the consumer goods market, an increase of 0.1 percentage points over the same period last year.

The article points out that residents' cultural entertainment and tourism consumption continue to maintain rapid growth.

For the first time, the total box office in the first quarter exceeded 20 billion yuan, an increase of 39.8% over the same period, of which the domestic movie box office was 15 billion yuan, an increase of 93.2%, which accounted for 53.7% of the total box office from 74.2% in the same period last year, and continued to occupy the dominant position in the market.

The tourism market continues to be hot, and residents' enthusiasm for travelling is high.

According to the comprehensive evaluation of the data center of the National Tourism Administration, there were more than 380 million tourists in the Spring Festival this year, an increase of 12.1% over the same period last year, and realized tourism revenue of 475 billion yuan, an increase of 12.6% over the same period last year.

With the steady growth of residents' income and the steady employment situation, China's residents' consumption confidence has been continuously improved and their consumption desire has been increasing.

The consumer confidence survey conducted by the China Economic Prosperity Monitoring Center of the National Bureau of statistics shows that in February, China's consumer confidence index was 124, 1.7 points higher than last month, 17.9 points higher than the average since 2012 and a record high.

The article says

Driven by sustained growth and steady growth of residents' income, the vitality and stamina of domestic demand will continue to be released. The rapid growth of new formats and the emergence of new business models will continue to warm up in the traditional physical retail industry, and the consumer goods market in China is expected to continue to maintain rapid growth.

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