(Source: "People's Daily Online" 2024-06-21）

Recently, the National Bureau of Statistics released data showing that in May, the total retail sales of consumer goods was 3.9211 billion yuan, a year-on-year increase of 3.7%.

Judging from the data of previous months, in May this year, the total retail sales of consumer goods rebounded for the first time since December last year.

What do you think of this “rebound”?

Sun Jin, a professor at the w88 casino of International Business at the w88 casino, said in an interview with a reporter from People's Daily Online that from the data point of view, my country's national economy continues to rebound for the better, the vitality of the consumer market has increased, the consumer market has gradually picked up, and policy effects have emerged. Many positive factors have laid a solid foundation for long-term consumption growth, and jointly promote the sustained and healthy development of my country's economy.

Behind the growth, the replacement of old consumer goods with new ones has become one of the important driving forces.

"Recently, many places across the country have introduced a number of pro-consumption policies, which have played an important role in boosting consumer confidence, promoting industrial development, and stabilizing the rebound in consumption. Local governments have increased the issuance of consumer coupons, covering multiple industries and fields such as catering, tourism, culture, and sports, enriching consumer choices and improving the consumption experience." Sun Jin said.

National statistics show that sales of upgraded goods grew well in May. Retail sales of sports and entertainment supplies, communication equipment, household appliances and audio-visual equipment by units above designated size nationwide increased by 20.2%, 16.6% and 12.9% respectively year-on-year.

According to statistics from the Xi'an Municipal Bureau of Commerce, since the city started issuing w88-in subsidies for consumer goods on May 1, as of June 9, a total of 2124.6 consumer subsidies have been written off in the three fields of home appliances, home furnishings and electronic products. 10,000 yuan, benefiting 55,924 consumers, directly driving consumption of 325 million yuan; online consumption subsidies opened a w88-in zone for consumer goods in Xi'an on the JD.com platform, distributing consumption subsidies of 3.58 million yuan, directly driving consumption of 103 million yuan.

During the annual “618” e-commerce promotion event, the instantaneous surge in online shopping volume became a window into China’s consumption.

Sun Jin said that new business formats such as e-commerce, online payment, and digital marketing are constantly emerging, providing consumers with more convenient and diverse consumption choices, effectively stimulating their consumption needs and willingness to consume. With the development of digital commerce, online retail sales of physical goods increased by 11.6% year-on-year, 3.2 percentage points faster than the previous year, and contributed more than 2 percentage points to the growth of total retail sales of consumer goods. At the same time, the digital economy has also promoted the upgrading and optimization of the industrial chain, and promoted the transformation of traditional industries into digital and intelligent industries. The continuous innovation and development of the digital economy will continue to lead the consumer market to develop in a more diversified and intelligent direction.

Cultural tourism consumption is an effective way to expand domestic demand and an important carrier to meet the people’s needs for a better life. As new service formats continue to boost the recovery of experience service industries such as tourism and entertainment, new momentum in the service consumption market continues to be released.

Data from the National Bureau of Statistics shows that from January to May this year, my country’s catering revenue increased by 8.4% year-on-year, and retail sales of transportation services, tourism consulting and rental services, and cultural, sports and leisure services maintained rapid growth. Data from relevant departments show that during the May Day holiday, the number of domestic tourist trips and total travel expenses nationwide increased by 7.6% and 12.7% year-on-year respectively, and the box office revenue of national commercial performances (excluding performances in entertainment venues) increased by 37.2%.

So, will the rebound trend of total retail sales of consumer goods continue?

Sun Jin believes that judging from the current economic situation, the domestic economy continues to recover and the consumer market maintains a stable growth trend. It is expected to continue in the second half of the year, and the consumer market is expected to recover further. In addition, in order to continue this rebound trend and promote the sustainable development of the consumer market, all sectors of society still need to continue to make arrangements around green economy and circular economy; product supply based on "national style and trend, renewal of time-honored brands, and personalized customization"; the development of digital empowerment and artificial intelligence, and the supply form of innovative health products and services.

Recently, the World Bank has raised its forecast for China’s economic growth this year to 4.8%, and the International Monetary Fund has raised its forecast for China’s economic growth this year to 5%. Industry insiders said that international organizations and institutions have raised their expectations for China's economic growth, which fully demonstrates the international community's confidence in China's economic growth prospects. As far as the consumer market is concerned, with the implementation of relevant policies and the innovative expansion of consumption scenarios, consumption potential is expected to be further released.

Liu Aihua, Spokesperson, Chief Economist, and Director of the National Economic Comprehensive Statistics Department of the National Bureau of Statistics, said that since the beginning of this year, my country's consumer market has generally continued to show a recovery trend. This is a reflection of my country's ultra-large market advantages, and it is also the result of the continued recovery of endogenous kinetic energy in the economy and the continued release of consumption potential. Looking forward to the next stage, although residents' spending power and consumer confidence still need to be further improved, factors such as the continued effectiveness of consumption-promoting policy measures, the rapid growth of new consumption, and the continued optimization of market supply will support the continued accelerated recovery of the consumer market in the next stage.

(Sun Jin, professor and doctoral supervisor at the w88 casino of International Business, w88 casino)

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