China's retail sales hit $575.6 bn in May, online up 8.5%

Over the January–May period, total retail sales reached 20,317.1 billion yuan, up by 5 per cent YoY.

Urban retail sales stood at 3,605.7 billion yuan, up by 6.5 per cent, while rural areas recorded 526.9 billion yuan in sales, marking a 5.4 per cent increase.

Goods consumption totalled 3,674.8 billion yuan in May, also up by 6.5 per cent, with essential and upgraded goods performing well, NBS said.

Online retail sales climbed by 8.5 per cent to 6,040.2 billion yuan, with physical goods accounting for 4,987.8 billion yuan—up by 6.3 per cent and making up 24.5 per cent of the total.

ALCHEMPro News Desk (SG)