Rising income lifts retail sales
By Wang Yanlin |
October 19, 2011, Wednesday
|
Print Edition
Print Edition
STRONGER spending by consumers boosted China's retail sales more than expected in September, the National Bureau of Statistics said yesterday.
Retail sales surged 17.7 percent from a year earlier to 1.58 trillion yuan (US$246 billion) last month, the bureau said. They rose from the pace of 17 percent in August and the overall growth in the first three quarters hit an annual 17 percent.
The rising income of Chinese consumers has enabled them to afford and buy quality products, said Sheng Laiyun, a spokesman at the bureau.
"Sales of big-ticket items indicated renewed growth momentum last month which may help China's economy expand," Sheng said.
Consumer expenditure on jewelry surged 38.5 percent annually last month while spending on furniture jumped 33.6 percent, according to the bureau.
It said disposable income of urban residents jumped 13.7 percent to 16,301 yuan in the first three quarters, and that of rural households swelled 20.7 percent to 5,875 yuan during the same period.
"Chinese consumers are more willing to spend on products of higher quality and of greater innovation'' as seen by the robust sales of products like the iPhone or iPad, said Li Maoyu, an analyst at the Changjiang Securities Co.
"With the risk of a hard landing for China's economy easing, retail sales may continue to grow strongly in the coming months and help boost the economy," Li said.
Automobile sales accelerated to 18.7 percent in September, rising sharply from August's 12.4 percent.
Retail sales surged 17.7 percent from a year earlier to 1.58 trillion yuan (US$246 billion) last month, the bureau said. They rose from the pace of 17 percent in August and the overall growth in the first three quarters hit an annual 17 percent.
The rising income of Chinese consumers has enabled them to afford and buy quality products, said Sheng Laiyun, a spokesman at the bureau.
"Sales of big-ticket items indicated renewed growth momentum last month which may help China's economy expand," Sheng said.
Consumer expenditure on jewelry surged 38.5 percent annually last month while spending on furniture jumped 33.6 percent, according to the bureau.
It said disposable income of urban residents jumped 13.7 percent to 16,301 yuan in the first three quarters, and that of rural households swelled 20.7 percent to 5,875 yuan during the same period.
"Chinese consumers are more willing to spend on products of higher quality and of greater innovation'' as seen by the robust sales of products like the iPhone or iPad, said Li Maoyu, an analyst at the Changjiang Securities Co.
"With the risk of a hard landing for China's economy easing, retail sales may continue to grow strongly in the coming months and help boost the economy," Li said.
Automobile sales accelerated to 18.7 percent in September, rising sharply from August's 12.4 percent.
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