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In May, the total retail sales of consumer goods reached 1,002.8 billion yuan, a year-on-year increase of 15.2 percent, according to the release by the National Bureau of Statistics. Roughly speaking, this increase was evenly distributed across the county.
Mainly due to the May Day holiday, the traditional Chinese wedding season, retail sales at accommodation and catering industry totaled 141.1 billion yuan, up by 17.2 percent, higher than the average. For the same reason, home appliances went up 12.0 percent, furniture sales increased 33.3 percent, cosmetics jumped 21.7 percent, and gold, silver, and jewelry ballooned 28.7 percent. Thanks to government subsidy, automobile sales rose 23.8 percent.
The cumulative total retail from January to May was 4,877.0 billion yuan, a year-on-year increase of 15.0 percent.
Even though China's economic growth slowed significantly since last summer. Consumer retail sales only dipped briefly. As can be seen from the chart below, consumption has becoming more and more import for the country's economic growth. This is what is desired by everyone.
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