The retail sales in China’s consumer market have plunged marginally in January to November 2022 period.
According to the latest statistics released by National Bureau of Statistics (NBS) of China, the retail sales valued RMB 39,919 billion (US $ 5,730.30 billion), down by 0.13 per cent on Y-o-Y basis.
Particularly in November ’22, the sales fell significantly by around 6 per cent.
Of total retail sales in first 11 month period, garments and accessories contributed RMB 1,169 billion (US $ 167.81 billion), declining by 5.80 per cent on yearly basis.
The apparel and accessory sales declined by 15.60 per cent in November alone!
The drop in apparel sales can be attributed to rising Covid-19 cases in the country and, as consumers in major cities are advised to stay home, this has substantially impacted sales of apparel and accessory products.
