China’s online retail sales surge 11.5% in early ’24

China’s online retail sales surged by 11.5 per cent year-on-year in the first four months of 2024, reaching 4.41 trillion yuan ($620.52 billion), Xinhua reported on Tuesday, citing a data from the Ministry of Commerce.

The growth was driven by various factors, including the increasing popularity of online shopping. Online sales of physical goods grew by 11.1 per cent year-on-year, making up 23.9 per cent of total consumer goods sales in China.

The Ministry of Commerce reported a 25.1 per cent year-on-year surge in online service consumption, indicating a rising interest in digital offerings. The demand for digital, green, and health commodities is also on the rise, reflecting a shift towards sustainable and wellness-focused consumption habits.

The success of government initiatives such as the consumer goods trade-in policy is also evident. In April, online sales of home appliances and furniture saw a notable boost, increasing by 9.3 per cent and 12.2 per cent respectively.