Despite the slowdown observed by many luxury brands in the China market, overall market dynamics are unchanged and consumer confidence remains high, according to the sixth edition of the 2015 China Luxury Forecast by Ruder Finn and the IPSOS Group.
The report, which covers Greater China in depth, with 1,616 consumers from over 14 major mainland Chinese cities and 317 consumers from the Hong Kong Special Administrative Region, found that travel is now the number one category of luxury for Chinese consumers.
China's retail sales rose 12 percent year on year to CNY23.66 trillion (USD3.87 trillion) in the first 11 months, the National Bureau of Statistics (NBS) said on Friday.
The country's retail sales in November grew 11.7 percent from a year ago to CNY2.35 trillion, slightly up from 11.5 percent growth recorded in October.
China's online retail sales continued to accelerate, soaring 55.9 percent year on year to CNY385.8 billion in the January-November period, based on the survey results of retail catering enterprises with large revenues.
Chinese consumer sentiment was nearly flat in November from a month ago as pessimism about business conditions grew, a latest study showed. The Westpac MNI China Consumer Sentiment Indicator was 111, compared with 110.9 in October, after falling for three straight months, the Australian bank and the Germany’s Market News International said in a joint report on Wednesday.
Online sales in China are expected to jump from CNY1.84 trillion (USD303.3 billion) to CNY4 trillion (USD652.9 billion) in 2016-2017, powered mainly by urban multi-channel shoppers and the newly emerging middle class.
The State of E-Commerce in China research report published by published by international research and training group Econsultancy, predicts that within a few years, multi-channel shoppers will make up nearly half of urban China’s consumers.
China's retail sales climbed 12 percent year on year to CNY21.31 trillion (USD3.47 trillion) in the first ten months of the year, the National Bureau of Statistics said on Thursday.
The country's retail sales in November grew 11.5 percent from a year ago, with the growth pace falling for five straight months, the data showed.
However, the country's online retail sales continued to accelerate, soaring 55.6 percent year on year to CNY330.7 billion in the Jan.-Nov. period, based on survey results of retail catering enterprises with large revenues.
China's consumer sentiment tumbled and hit a three-year low in October as consumers further downgraded views on employment, housing market and the state of personal finances, a private report showed on Wednesday.
The Westpac MNI China Consumer Sentiment Index fell 2 percent month on month to 110.9 in October from 113.2 in September, the Australian bank and the German financial news company Market News International said in a joint report.
Sales during the monthlong Shanghai Shopping Festival recorded a new high as consumers took advantage of the good weather and the innovative efforts of shops to spend more. The 6,200 outlets of the city’s 480 retailers that were tracked by the Shanghai Commission of Commerce generated sales of CNY30 billion (USD4.89 billion) during the festival, a jump of 10.1 percent from a year earlier.
An ongoing anti-graft campaign and slower growth in spending will continue to weigh on the mainland's retail sector, says Jessie Guo, Head of Regional Consumer Research at Jefferies.
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Growth in China's retail sales during the long "Golden Week" holiday slowed to 12.1 percent from a 13.6 percent rise in the same period last year, data from the Ministry of Commerce showed on Wednesday.
China's retailers and catering firms chalked up sales of CNY975 billion (USD158.94b) during the week-long National Day holiday, according to the ministry.
Across Greater China, convenience stores are changing the way people live. In Taiwan, it is common to see two or three convenience stores on the same block. It boasts more than 10,000 convenience stores, which equates to approximately one store for every 2,000 residents; making this market the most dense in the world.