Retail sales set to gain 9.2% in 2016
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CHINA’S retail sales are set to rise 9.2 percent in 2016, and the retail and consumer goods industry as a whole is likely to grow by single digit over the next five years, according to an industry report.
China’s retail and consumer goods industry is expected to grow by a compound annual rate of 7.5 percent in value from 2016 to 2020, PricewaterhouseCoopers said in its report yesterday. It said total retail sales may hit 44 trillion yuan (US$6.6 trillion) by 2020.
Data from the National Bureau of Statistics showed that the country’s retail sales of consumer goods grew 10.3 percent year on year to 15.6 trillion yuan in the first half of 2016.
“The face of China’s retail and consumer products sector is rapidly changing. As the purchasing power of the Millennial shoppers rises, there is a shifting demand for new products,” said Kevin Wang, PwC China retail and consumer leader.
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