The latest Chinese apparel sales revenue figures released by National Bureau of Statistics (NBS), China are encouraging for the country’s retail market.
The apparel sales in China clocked RMB 149.70 billion (US $ 22.86 billion) in November ’20, which is 4.60 per cent more than the revenues the country tapped in November ’19.
The Y-o-Y growth in apparel sales is in lines with the growth noted in total retail sales of the consumer goods as the overall sales of commodities sold in retail industry upped by 5 per cent.
The growth on M-o-M basis is also significant as the sales improved by 17.50 per cent in November over October’s figures this year.
As far as apparel sales through e-commerce platforms are concerned, China is being benefitted with the rising trend of using digital methods for shopping.
As a result, the statistics of NBS indicate towards 6 per cent growth in online clothing retail sales on Y-o-Y note.
On the other hand, owing to market contraction majorly in the first half of 2020 due to COVID-19, the total sales of apparels fell 8 per cent in January-November ’20 period clocking RMB 1,084.90 billion (US $ 166 billion) revenues.