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China's retail sales up 3.5 pct in 2024
Updated: January 17, 2025 10:27 Xinhua

BEIJING, Jan. 17 -- China's retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 3.5 percent year on year in 2024, official data showed Friday.

Total retail sales of consumer goods reached 48.79 trillion yuan (about 6.79 trillion U.S. dollars) last year, according to the National Bureau of Statistics (NBS).

In December alone, the retail sales of consumer goods rose 3.7 percent year on year, according to the NBS.

In 2024, final consumption expenditure contributed 2.2 percentage points to economic growth, said Kang Yi, head of the NBS.

China's economy expanded by 5 percent year on year last year, with the fourth-quarter growth reaching 5.4 percent.

"Since the fourth quarter of 2024, the expanded trade-in program for consumer goods has continued to yield positive effects, driving the sustained recovery of the economy," Kang said.

Retail sales in the country's urban regions rose 3.4 percent year on year in 2024, while that in rural areas expanded 4.3 percent.

Online retail sales jumped 7.2 percent year on year to 15.52 trillion yuan last year. In particular, online retail sales of physical goods rose 6.5 percent year on year to 13.08 trillion yuan, accounting for 26.8 percent of the total retail sales of consumer goods.

Looking ahead, numerous favorable factors are poised to support sustained consumption growth. These include the strengthening of pro-consumption policies, the overall stability of employment, and the continued expansion of new consumption scenarios and business models, among others, according to Kang.

China will continue to drive income growth, ease financial burdens for middle and low-income groups, foster innovative consumption scenarios, and expand service consumption, Kang noted.

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