Financial News
Written by: Lin Leqian
2020-09-01 16:59
Last update date: 2020-09-01 17:04
The third wave of the epidemic broke out in July, and retail sales have fallen for 18 consecutive months.
According to the latest government statistics, the provisional estimate of the total retail sales value in July was 26.5 billion yuan, down 23.1% year-on-year, slightly narrower than the 24.8% drop in June, and better than market expectations. The total value of the first seven months was The provisional estimate of total sales value fell 32.1%.
As for the total retail sales volume, it fell 23.9% year-on-year, and the provisional estimate of total sales volume for the first seven months fell 33.5%.
Analyzed from high to low provisional estimates of the value of retail sales by major categories of retailers, the value of sales of food, alcoholic beverages and tobacco fell by 12.9% in July; other unclassified consumer goods fell by 7.2%; jewelry, watches, and valuable gifts fell 53.7%; electrical appliances and other unclassified consumer durables fell 5.6%; goods in department stores fell 28.8%; clothing fell 42.5%; drugs and cosmetics fell 50.9%; automobiles and auto parts fell 13.1%; books, newspapers, stationery and gifts fell 41% ; Chinese medicine fell 26.5%; footwear, related products and other clothing accessories fell 53.6%; and optical shops fell 37%.
The category that bucked the market continued to be supermarket goods, which rose by 26.5% year-on-year; fuel rose by 3.8%; furniture and fixtures rose by 0.3%.
A government spokesman said that even though the comparative base was low, the year-on-year decline in retail sales in July was still significant because of the sharp rise in local epidemic cases and the tightening of social distancing measures, further cracking down on local consumer activities.
The recent easing of the local epidemic may help improve consumer sentiment, but the inbound tourism industry has remained stagnant, and the retail business environment will remain very difficult in the short term.
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