Retail Sales In May Were Close To The Same Period Last Year.

In May, China's consumer market accelerated.

In June 15th, the data released by the National Bureau of statistics showed that the total retail sales of consumer goods in May dropped by 2.8% over the same period last year, narrowing 4.7 percentage points from last month, of which retail sales fell by 0.8%, which is close to the same level in the same period last year. In addition, the consumption of upgraded commodities that had been tightened during the epidemic period also showed a marked increase. Retail sales of residential goods such as automobiles and furniture were improved, and consumption of cosmetics and sports entertainment increased significantly.

Aman Chang, statistician of the Trade Statistics Department of the National Bureau of statistics, believes that with the continuous improvement of the domestic epidemic prevention and control situation, the pace of business resumption has accelerated and the living order of the residents has obviously recovered. In particular, with the promotion of domestic demand and promoting consumption, the consumption of residents continued to improve, and the decline in market sales narrowed for 3 consecutive months.

On June 15th, Fu Linghui, spokesman of the National Bureau of statistics, said that the economic growth in the two quarter could be seen in June.

Service consumption and consumption growth of upgrading commodities

In May, with the easing of the epidemic, business travel, peripheral tourism and business district consumption began to flourish.

In May, domestic business travel began to flourish. At the end of 4, Beijing announced that the level of public health emergency response was transferred to level two, and Beijing's "May 1" travel demand rose rapidly. A OTA ticketing data showed that the air ticket bookings in Beijing increased by 15 times in half an hour after the news was released. Until May, many people began their first business trip after the Spring Festival in 2020.

At the end of 5, Ms. Wang, a white collar in Beijing, traveled from Beijing to Hebei and Beidaihe. This is her first short trip after the Spring Festival this year. After returning to Beijing, she went on a business trip to Yunnan, which was her first business trip after the Spring Festival. Meanwhile, her social activities began to resume in late May.

In addition to the resumption of growth in service consumption, the National Bureau of statistics showed that some consumer upgrading products maintained a relatively fast growth in May. Driven by the central and local policies to stabilize and promote the consumption of automobiles, the demand for buying and transferring cars has been continuously released, and sales in the auto market have been warmer. In May, the retail sales of auto commodities above the quota increased by 3.5% over the same period last year, and the growth rate was the second highest since May 2018 (the highest value was June June 2019 before the implementation of vehicle emission standards switching).

According to the China Association of automobile manufacturers, passenger car sales increased by 7% in May compared with 2.6% in April. China Automobile Circulation Association data show that passenger car sales in May increased by 1.8% over the same period last year, compared with 5.6% in April.

Ye Qing, deputy director of Hubei Statistical Bureau, analyzed the acceleration of car consumption in May. On the one hand, during the epidemic period, the role of automobiles has been more fully reflected, and from the central government to the local government, more and more policies to stimulate consumption have come into being.

Meanwhile, in May, the retail sales of cosmetics and sports entertainment products in the above units increased by 12.9% and 15.4% respectively, up 9.4 and 3.8 percentage points faster than in April, and retail sales of communications equipment increased by 11.4%, and two digit growth continued to grow.

The head of a chain store in Beijing told the economic report reporters in early June that more than 300 shops in Beijing had been restored to 80% in May.

Is the consumption growth rate affected in June?

From February to May, China's consumer market experienced a process of bottoming and gradual recovery.

Zhang Wei, chief chef of a high-end business banquet restaurant near Jintai Road, Chaoyang District, Beijing, told the twenty-first Century business news reporter that in May, the catering market in Beijing was gradually resuming, and their restaurants had returned to the same level in the early June. However, he told reporters that their restaurant had just finished the meeting in June 15th, and most of them began to leave unpaid leave tomorrow, leaving some staff on duty.

The data in May showed that the catering and accommodation industry in the whole country improved. In May, the catering revenue decreased by 18.9% compared with the same period last year. On the basis of the sharp narrowing of 15.7 percentage points in April, the decline continued to narrow by 12.2 percentage points, and the catering services such as takeout grew rapidly. In May, the catering revenue of the above quota accommodation and catering enterprises increased by more than 20% through the public network.

In twenty-first Century, the economic news reporter received notice of postponing a number of activities, including the delayed running of a charity run which was originally scheduled for June 27th in Chaoyang Park in Beijing. It was postponed to be held in Hainan in June to postpone the unnecessary flow of personnel and relieve the pressure of social anti epidemic.

The change of regional epidemic situation first affects the catering, sports, entertainment and exhibition industries. Xu Zhaoyuan, Vice Minister of the Ministry of industry and Economic Research of the State Council Development Research Center, analyzed that for some groups, the impact of the epidemic was small, and some groups were greatly affected by the epidemic. When promoting consumption, the former group should pay more attention to stimulating consumption. Xu Zhaoyuan believes that the Beijing area is affected by the large number of employees in the service industry and some temporary workers, but the overall impact of the service industry is still phased.

Shen Jianguang, vice president of Jingdong group, chief economist and Research Institute of the Jingdong Research Institute, believes that the domestic economy has been in the recovery channel since the two quarter, and the main economic indicators in May have been continuously improved, showing that the epidemic prevention and control work has achieved good results in the work of resuming work and resuming production, especially with the resumption of shopping out of shopping and the issuance of consumer vouchers in various places, and the increase in May. There is a distinct rebound.

He expects that China's economy will continue to recover in June, and China's economy is expected to get rid of negative growth in the two quarter. We need to point out that the risk of demand shocks must be further concerned in the two quarter and beyond.

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