CCTV News (News Network): The reporter learned from the Ministry of Commerce that in October, my country’s consumer market maintained steady growth and consumption potential continued to be released.
The policy of expanding service consumption continues to be vigorous. In the first ten months, service retail sales increased by 5.3% year-on-year. The growth rate was faster than the first three quarters and higher than the growth rate of commodity retail sales in the same period, becoming the main driving force for consumption growth. In October, driven by factors such as the holiday economic effect, consumption growth in tourism, catering and accommodation accelerated, and retail sales of transportation services maintained double-digit growth. Inbound tourism continues to be booming, with 751,000 foreigners arriving during the National Day and Mid-Autumn Festival holidays, an increase of 19.8%.
Commodity consumption has increased steadily. In October, retail sales of goods increased by 2.8%. Policies to boost consumption such as trade-in for new ones continued to be effective, driving sales of communication equipment, cultural office supplies, etc. to maintain rapid growth, and there was an obvious trend of upgrading quality and personalized consumption. 1-October, national online retail sales increased by 9.6% year-on-year. Smart products, instant e-commerce and other fields performed well, with related sales increasing by more than 20%.
