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China sees 15.3% growth in online retail sales in early 2024

02 Apr '24
1 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • In the first two months of 2024, China's online retail sales surged to 2.15 trillion yuan (approximately $303 billion), a 15.3 per cent year-on-year increase.
  • Sales of physical goods notably grew by 14.4 per cent to 1.82 trillion yuan (approximately $2.51 trillion).
  • This growth accounted for 22.4 per cent of China's total consumer goods sales.
In early 2024, China has witnessed an expansion in online retail sector, with significant gains reported in the first two months, according to the latest figures from the Ministry of Commerce. The country's online retail sales have reached 2.15 trillion yuan (approximately $303 billion), marking a year-on-year increase of 15.3 per cent.

The surge in online retail activity was particularly notable in the sales of physical goods, which saw a 14.4 per cent rise from the previous year to 1.82 trillion yuan (approximately $2.51 trillion). This growth has also played a crucial role in the broader retail landscape, accounting for 22.4 per cent of the total retail sales of consumer goods in China.

ALCHEMPro News Desk (DP)
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