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December retail sales grow 18.1%
By Wang Yanlin |
January 17, 2012, Tuesday
|
Online Edition
Online Edition
China's retail sales grew at a faster pace last month, bolstered by robust demand in the run-up to New Year's Day holiday and the Spring Festival.
Retail sales, a broad measure of consumer spending, rose 18.1 percent from a year earlier to 1.77 trillion yuan (US$281 billion) last month, the National Bureau of Statistics said today.
It edged up from the pace of 17.3 percent in November and concluded 2011 with a growth rate of 17.1 percent.
"Consumer spending expanded steadily last year thanks to people's rising income and China's improving social welfare," said bureau chief Ma Jiantang. "China's vast urbanization process decides that consumption will continue to expand rapidly in the years to come, and serve as a major driver for China's economy."
Huang Yiping, an economist at Barclays Capital, said December's retail sales continued to surprise the market to the upside.
"Consumer spending will remain resilient on rapid income growth and the anticipated petering-out of inflation that can boost consumer confidence," Huang said.
Last year, disposable income of urban residents jumped 14.1 percent from a year earlier to 21,810 yuan, while the income of rural dwellers gained 17.9 percent to 6,977 yuan.
Bolstered by increasing demand ahead of the New Year and the Spring Festival, household appliances and personal electronics sales grew 33.4 percent and 24.8 percent respectively last month, while sales of non-essential goods such as jewelry remained buoyant at 35.6 percent.
Retail sales, a broad measure of consumer spending, rose 18.1 percent from a year earlier to 1.77 trillion yuan (US$281 billion) last month, the National Bureau of Statistics said today.
It edged up from the pace of 17.3 percent in November and concluded 2011 with a growth rate of 17.1 percent.
"Consumer spending expanded steadily last year thanks to people's rising income and China's improving social welfare," said bureau chief Ma Jiantang. "China's vast urbanization process decides that consumption will continue to expand rapidly in the years to come, and serve as a major driver for China's economy."
Huang Yiping, an economist at Barclays Capital, said December's retail sales continued to surprise the market to the upside.
"Consumer spending will remain resilient on rapid income growth and the anticipated petering-out of inflation that can boost consumer confidence," Huang said.
Last year, disposable income of urban residents jumped 14.1 percent from a year earlier to 21,810 yuan, while the income of rural dwellers gained 17.9 percent to 6,977 yuan.
Bolstered by increasing demand ahead of the New Year and the Spring Festival, household appliances and personal electronics sales grew 33.4 percent and 24.8 percent respectively last month, while sales of non-essential goods such as jewelry remained buoyant at 35.6 percent.
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