After the October data fell to a eight-month low, retail sales of consumer goods in China rose in November but remained slightly below market expectations.
Figures show that in November retail sales of social consumer goods increased by 10.2% YoY, up from 10% in the previous month and below the expected 10.3%. Total retail sales of consumer goods increased by 10.3% YoY in the first 11 months, unchanged from the previous estimate.
Specifically, the retail sales of urban consumer goods increased 9.9% YoY in November and the retail sales of rural consumer goods increased 11.7% YoY. In terms of online retail sales, the statistics released by the Bureau of Statistics showed that the first 11 months increased 32.4% YoY, % Growth has declined.
According to the team's opinion, the retail sales of social consumer goods in November mainly contributed to rural consumption. It is not advisable to overestimate the effect of Double 11 because the online retail sales in the whole country were 41.5% YoY in October from a year earlier, while the decrease in November To 33.6%.
National Bureau of Statistics spokesman Mao Shengyong at the State Council Information Office conference said that the total retail sales of social consumer goods continued to maintain double-digit growth, while the real online retail sales growth has been maintained at about 27%, especially non-physical goods online retail sales growth More than 50%, consumption shows the momentum to speed up the upgrade.
According to the official website of National Bureau of Statistics of China, the total retail sales of social consumer goods in November was 3,410.8 billion yuan, up by 10.2% over the same period of the previous year (real growth of 8.8% after deducting the price factor, unless otherwise specified), of which retail sales of consumer goods above designated size 15779 Billion, an increase of 7.8%.
From January to November, the total retail sales of social consumer goods reached 33.15828 trillion yuan, up 10.3% over the same period of last year, of which retail sales of consumer goods above designated size reached 14.5753 trillion yuan, up 8.3%.
Double 11 stimulus effect than before China's retail sales growth in November lower than expected
In November, the retail sales of urban consumer goods reached 2.9407 trillion yuan, up 9.9% over the same period of last year; and the retail sales of rural consumer goods reached 470.1 billion yuan, up 11.7%. From January to November, the retail sales of consumer goods in urban areas reached 28.4536 trillion yuan, up 10.0% %; Retail sales of rural consumer goods 4.69991 trillion yuan, an increase of 11.9%.
In terms of types of consumption, in November, the revenue from food and beverage services reached 367.5 billion yuan, an increase of 10.0% over the same period of last year; and the retail sales of food products reached 3.04353 trillion yuan, up 10.2%. From January to November, the income from food and beverage services was 3.5955 trillion yuan, up 10.8% , An increase of 10.2%.
In the retail of commodities, in November, retail sales of retail sales of goods above the designated size reached 1.4878 trillion yuan, an increase of 7.9%. From January to November, the retail sales of retail sales of commodities above the designated size reached 13.6931 trillion yuan, an increase of 8.3% over the same period of last year.
From January to November 2017, online retail sales in the country reached 6,430.6 billion yuan, up 32.4% over the same period of 2013. Among them, the online retail sales of physical goods amounted to 4,914.4 billion yuan, up 27.6%, accounting for 14.8% of the total retail sales of social consumer goods; The retail sales of food, clothing and commodities increased by 29.4%, 18.0% and 31.1% respectively.